As with all non-first-round rookies, it is a four-year agreement.
Thomas will spend 2014 developing behind starter Carson Palmer and backup Drew Stanton. However the 6-foot-6, 248-pound Thomas recently rejected the notion that he was a "project" at the quarterback position.
While the 22-year-old might disagree with the label, he must make massive improvements to be an NFL signal-caller.
"He's got 25 or 30 (game) tapes out there. Twenty-three of them are bad," NFL Media draft analyst Mike Mayock said of Thomas coming out of the draft.
The strides Thomas must make have led some to believe he'd be best served switching positions. NFL Media's Daniel Jeremiah said before the draft that some teams he talked to believed Thomas' future in the NFL was at the tight end position, not quarterback.