The new contract will pay David $50.25 million with $25.56 million guaranteed, NFL Media Insider Ian Rapoport reported, per agent Ron Butler. The contract also includes certain escalators that could increase the value of his new deal to $54.95 million, Butler told Rapoport.
Getlin reported in late July the two sides had been engaged in active negotiations dating all the way back to the draft.
A second-round pick in 2012, David was one of the NFL's most underpaid players, due to enter the final year of his rookie contract.
David, 25, is worth the investment. Along with Levy and Carolina's Thomas Davis, he is one of the NFL's most underappreciated stars.
David's 20 tackles for loss in 2012 were the second most on record for a rookie since the NFL began tracking the statistic in 2000. He was even better as a sophomore in 2013, stuffing the stat sheet with 145 tackles, seven sacks, 10 passes defensed and five interceptions en route to a first-team All Pro nod.
Although his playmaking ability dropped off last season, the Bucs believe he's poised for a bounce-back campaign this year.