One year ago, the Chargers locked up quarterback Philip Rivers. Over the weekend, the Bolts extended one of his top targets.
Michael Gehlken of The San Diego Union-Tribune reports that the Chargers have agreed to a four-year extension with wideout Keenan Allen. NFL Network’s Rand Getlin tweets that the deal is worth $45MM, with at least $24MM in guaranteed money, including a $9.5MM signing bonus. ESPN.com’s Adam Caplan writes that the deal is expected to be “finalized and signed” in the coming days. The team confirmed the agreement on their website.
This is quite the pay increase for Allen, as the former third-round pick signed a four-year, $2.8MM contract after being drafted in 2013. Since that time, the 24-year-old has established himself as one of Rivers’ favorite wide receivers. The former California Golden Bear compiled 1,046 yards and eight touchdowns during his rookie season, and he followed that up with a 77-catch campaign in 2014. Allen was on track to set several career-highs in 2015 before a kidney laceration ended his season.
Allen will receive $21.656MM fully guaranteed, which includes his 2016 base salary of $1.656MM, reports Mike Florio of Pro Football Talk. The deal also includes another $2.5MM in injury guarantees, tweets Ian Rapoport of the NFL Network.
Allen can earn $2MM for 2019 if he catches 90 passes and the Chargers make the postseason or if he catches 100 passes and the club wins eight games in 2016, 2017, or 2018. For 2020, Allen can make $2MM if, after unlocking the extra $2MM for 2019, he reaches 90 catches and San Diego makes the playoffs, or he logs 80 catches and the team reaches eight wins, before the 2020 season.
Having been eligible for an extension since March, Gehlken notes that the two sides have been working on a new contract since the conclusion of the NFL draft. A five-year deal was reportedly discussed, but the current deal will allow Allen to hit free agency before he turns 30-years-old. A presumed $11MM annual salary would rank eighth in the league among receivers, tied with Larry Fitzgerald and Jeremy Maclin.
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