A source with knowledge of the negotiations said Morstead's extension is worth $21.9 million over six years. That makes him the second-highest-paid punter behind the Oakland Raiders' Shane Lechler (about $4 million annually). Morstead will receive a yearly average of $3.65 million over the length of the extension.
Morstead is set to make $1.26 million this season. He averaged better than 48 yards per punt last season.
Morstead sent the following tweet to his fans Thursday:
#WhoDatNation Y'all are stuck with me for the next 7 years, I am humbled, honored and blessed to be here... Thanks for all your love
- Thomas Morstead (@ThomasMorstead) July 26, 2012