According to Yates, Woodhead will earn $7.25 million over the next three years of the deal. Woodhead was given a $3 million signing bonus, followed by base salaries of $750,000 in 2014, $1.5 million in 2015 and $2 million in 2016.
Woodhead said after practice that he was pleased to get something done that kept him in San Diego for the next few years.
"It just felt right for my family, and obviously for myself and my career," Woodhead said. "But my family kind of comes into play. And the organization, just the way things are ran here and the people that are in the building every day, it's a place that you want to be."
"That's the least of anyone in our room's concerns," Woodhead said. "We're trying to work as hard as we can. We're all great friends. But we want to win football games. So whatever works best at the time, or whatever our role might be, I think it will happen. But we've got a bunch of team players and team guys in our room."