Buffalo has locked up its franchise quarterback for the long haul.
Josh Allen and the Bills have agreed to a six-year contract extension through 2028, the team announced Friday.
The total value of the deal is $258 million, according to NFL Network Insider Ian Rapoport, who reported on Inside Training Camp Live that it will average $43 million per year, with more than 50% of the money guaranteed. Allen receives $150 million in total guarantees and $100 million fully guaranteed upon signing, which are each the highest in NFL history.
The Bills later announced that Allen had signed his new blockbuster pact.
"Josh has been everything we could've asked for and then some and we think the best is yet to come," Bills general manager Brandon Beane said in a Friday evening news conference.
Allen expressed his gratitude for the deal and outlook that comes with it during a media session of his own.
"It's surreal to be in this spot right now. I'm just thankful that we could get it done," he said. "Now, we can focus on going out there and earning it and making sure that they understand that I know that they didn't pay me for what I've done. They did this 'cause they expect me to continue what I'm doing and expect me to go win this team some championships.
"We got a lot of work to do. I know that and I'm just excited to put this behind me and start focusing on football now.
Allen's new deal gives him the NFL's second-highest total value contract behind Patrick Mahomes' $450 million deal, and is also second only to Mahomes in average per year.
The club had previously picked up the fifth-year option on Allen after a spectacular 2020 season in which he led the franchise to the AFC Championship Game, breaking several single-season club passing records along the way, and finishing runner-up for AP NFL Most Valuable Player.
Allen passed for 4,544 yards and 37 touchdowns as the Bills ran away with the AFC East with a 13-3 regular-season record.
It marked a quantum leap in Allen's performance from his rookie year in 2018, when his proneness to turnovers appeared to be a major concern.
Allen's improvement has been steady, particularly in completion percentage, jumping from 52.8 (2018) to 58.8 (2019) to 69.2 last year. His year-to-year production for passing touchdowns has taken off as well (10-20-37).
The Bills are also locking up one of the league's best rushing quarterbacks. Allen, Lamar Jackson and Cam Newton are the only quarterbacks to compile 1,500 rushing yards and 15 rushing scores in their first three NFL seasons.
A few days ago, Beane said both the club and Allen were prepared to pause negotiations if a new deal couldn't be struck before the start of the season. But there's no pausing now.
The Bills open Sept. 12 against the Pittsburgh Steelers.