By Friday night, , according to a source, Peters had signed a four-year extension worth $53 million in new money. The Eagles acquired him with two years remaining on his Bills contract. In total, Peters will make $60 million over the next six seasons.
For Peters, the Bills will receive a first-round pick (28th selection overall), a fourth-rounder in next weekend's draft and a sixth-round pick in 2010, according to a source.
"Jason Peters is the best left tackle in football," Eagles coach Andy Reid said. "He is a powerful and athletic tackle and I have admired his play over the last few years on film. I have always believed that success in the NFL is derived from the strong play of the offensive and defensive lines. This offseason we have added two young, top-flight offensive linemen in Jason and Stacy Andrews."
For more than a year, Peters had been in a contract stalemate with the Bills. He's made two Pro Bowls at left tackle and wants to become one of the highest-paid players at his position -- at an annual salary of possibly more than $11 million.
Listed at 6-foot-4 and 328 pounds, Peters completed his sixth season last year and is scheduled to make $3.375 million for the coming season. Last year he held out of training camp, but the decision did not get him a new contract. Peters is signed through 2010 and can then become a free agent.
A great success story for the Bills, Peters was an undrafted tight end out of Arkansas. After his rookie season, Peters was converted into an offensive lineman, and started 10 games at right tackle in 2005. He moved over to the left side midway through the following season. Buffalo eventually turned him into one of the best left tackles in the game.
By landing Peters, the Eagles fill an immediate hole on their offensive line after left tackle Tra Thomas signed with Jacksonville in free agency last month. The Eagles still have a first-round pick, the 21st overall.
Without Peters, the Bills have another need to address in either free agency or the draft. Buffalo was already in the midst of revamping its offensive line after releasing left guard Derrick Dockery and electing not to re-sign centers Duke Preston and Melvin Fowler in February.
By acquiring the 28th pick from Philadelphia, Buffalo will now have three of the first 42 selections in the draft, including the 11th overall. Aside from offensive line, the Bills have specific needs on defense, including adding a lineman or outside linebacker.
Right tackle Langston Walker is a candidate to take over for Peters. Walker filled in on the left side during Peters' holdout last year, and in Buffalo's opener.
Peters was fined by the Bills more than $600,000 for missing mandatory minicamp and all of training camp last year before reporting to the team a day before Buffalo's season opener. It's not clear whether Peters paid those fines.
Sal Paolantonio covers the NFL for ESPN. Tim Graham covers the AFC East for ESPN.com. ESPN.com's John Clayton, Len Pasquarelli and The Associated Press contributed to this report.