Woodhead, who is making $395,000 in base salary this season, received $425,000 as a signing bonus. The deal was finalized Nov. 19, according to the Herald.
His 2011 base salary will be $550,000, and it jumps to $700,000 in 2012. If he hits play-time incentives, Woodhead could collect an additional $575,000 next season and $600,000 in 2012.
Woodhead signed with the Patriots on Sept. 18, four days after the AFC East rival New York Jets cut him to re-sign David Clowney for receiver depth. Woodhead then became an all-around offensive force for New England, entering Thursday's game against the Detroit Lions with 312 rushing yards, 217 receiving yards and four total touchdowns in eight games.
The Associated Press contributed to this report.