Justin Herbert and Chargers reportedly agree to five-year, $262.5m extension

Justin Herbert is set to become the NFL’s highest-paid quarterback by annual salary, agreeing to a five-year, $262.5m extension with the Los Angeles Chargers on Tuesday.

The extension came as the Chargers reported for training camp earlier in the day. Their first practice will be Wednesday.

Herbert’s total value and $52.5m average per season surpasses the $260m, five-year extension ($52m average) Baltimore’s Lamar Jackson signed three months ago, a person close to the negotiations told the Associated Press.

The person spoke to the AP on condition of anonymity because the Chargers did not release the financial details.

Herbert is the second member of the 2020 class to sign a lucrative extension, after Philadelphia’s Jalen Hurts signed a five-year extension worth $255m.

Herbert’s contract also sets the playing field for the Cincinnati Bengals and Joe Burrow. Bengals owner Mike Brown on Monday said that talks remain ongoing.

Kansas City’s Patrick Mahomes is in the third year of a 10-year contract worth $450m.

The 25-year-old Herbert – the sixth overall pick in the 2020 draft – is the first quarterback in NFL history to begin his career with three consecutive seasons of at least 4,000 passing yards and is one of two players to throw 25 touchdowns in each of their first three years.

Since entering the league, Herbert is second in the league in completions (1,316), third in passing yards (14,089) and sixth in TD passes (102).

Despite Herbert’s numbers as one of the league’s top passers, it still hasn’t pushed the Chargers into the echelon of Super Bowl contenders. Los Angeles are 25-25 including the playoffs with Herbert under center.

Last season the Chargers reached the postseason for the first time since 2018 with a 10-7 record. They had a disappointing ending to their season after they blew a 27-point, first-half lead and lost to Jacksonville 31-30 in the first round of the playoffs.

Herbert was set to enter the final year of his rookie contract and had a base salary of $4.2m for the upcoming season. The Chargers picked up his fifth-year option for 2024 worth $29.5m.