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The Chargers and quarterback Justin Herbert have agreed to terms on a five-year, $262.5 million contract extension, multiple outlets reported on Tuesday.

The deal comes a day before the Chargers open training camp and keeps Herbert, 25, under contract in L.A. through the 2029 season. It includes a no-trade clause, $133.7 million in full guarantees and $193.7 million in injury guarantees.

The team announced a multiyear extension for its franchise quarterback but did not disclose specific terms.

Herbert becomes the third quarterback this year to agree to a blockbuster extension following new deals between the Philadelphia Eagles and Jalen Hurts (five years, $255 million) and the Baltimore Ravens and Lamar Jackson (five years, $260 million).

Herbert's deal makes him the highest-paid quarterback in NFL history based on average annual value ($52.5 million).

"I sleep better at night knowing we have a franchise quarterback," Chargers general manager Tom Telesco said at the end of last season. "He's done so much already in his young career, yet we all know there's still a lot there because of his commitment to the game."

As ESPN.com's Lindsey Thiry notes, Herbert has surpassed several significant statistical NFL milestones since he was selected with the sixth overall pick in 2020. Last season, he led the Chargers to their first playoff appearance since 2018.

In three seasons, Herbert is 25-24, with one playoff loss. He has passed for 14,089 yards, besting Andrew Luck for the most through a quarterback's first three NFL seasons. He has completed 1,316 career passes, which also are the most in league history through a player's first three seasons. His 64 Total QBR is ranked fourth best in the NFL since his rookie season in 2020.

Herbert has thrown 94 career touchdowns, recording three consecutive seasons with at least 25 passing touchdowns -- putting his name alongside Hall of Famer Peyton Manning as the only quarterbacks to accomplish such feats at the outset of their careers.

This season, Herbert will be under the direction of new offensive coordinator Kellen Moore, who joined the Bolts after four seasons in the same role with the Dallas Cowboys, where his unit ranked in the top four in points per game (27.7), yards per game (391) and third-down conversion percentage (44%).

Herbert also will have at his disposal an array of playmakers, including receivers Keenan Allen and Mike Williams, first-round pick Quentin Johnston, as well as running back Austin Ekeler, who last season led the NFL with 18 touchdowns.

Herbert currently sits at QB6 on our Staff Rankings Matrix, but he has the scheme, the weapons and the mobility to outperform that ranking if he's able to leverage all of them.