4:54pm: Ian Rapoport of NFL.com (Twitter link) reports that it’s actually a four-year extension for Way — as noted below, the club announced the deal as a five-year extension, but was likely counting 2016, when Way was already under contract as an ERFA, as one of the years. The new deal is worth $9.4MM, per Rapoport, and contains $2.95MM guaranteed and a $1.25MM signing bonus.
Washington previously tendered the exclusive-rights free agent but elected to lock him up long-term.
Way, who will turn 26 in April, played in all 16 Washington contests upon taking over as the team’s punter in 2014. Arriving as an undrafted free agent in ’14, Way finished 13th last season with a 46.1-yards-per-punt average. The University of Oklahoma product boasted a 47.5-yard average in 2014.