NFL Media Insider Ian Rapoport broke the news that the team agreed with the receiver to a four-year extension worth $39 million, with $14.2 million guaranteed, according to a source informed of the contract. The team later officially announced the signing.
Nelson reportedly was looking for at least $10 million a year; he got close to that number. Rapoport reported the new deal averages $9.76 million and Nelson will get an $11.5 million signing bonus.
"It's big," Nelson told NFL Media's Stacey Dales on Saturday. "You try not to think about it as much if you wouldn't have been able to do it. But it's always gonna hang over your head, especially when you come into training camp. ... So to have that security and just know that you're done with it and go out and play football, and hopefully, you know, make another run this year."
One of the most undervalued -- and underpaid -- receivers in the NFL finally got paid. At those numbers, Nelson is still a very good bargain for the Packers.
The Packers have watched veteran receivers walk out the door but have always maintained they wanted to lock up Nelson.
The 29-year-old pass-catcher is often overlooked among elite receivers, which is a crime -- how on God's green tundra did he not make the Pro Bowl last season?
He has some of the best hands in the NFL, can run all the routes and play on the outside or in the slot.
Nelson's rapport with Aaron Rodgers makes him a lethal threat. Rodgers' passer rating on throws intended for Nelson have been 150.2, 130.3 and 111.6 over the past three seasons, respectively, per Pro Football Focus.
The Packers get to watch the duo light it up for the next handful of years.
Now general manager Ted Thompson can move on to locking up the younger Randall Cobb.