Source: Carlos Dunlap gets $40M

Defensive end Carlos Dunlap's five-year extension with the Cincinnati Bengals was officially announced by the team on Tuesday.

The total value of the deal is $40 million, a league source told ESPN NFL Insider Adam Schefter on Monday. He will receive $20 million in the first two years, the source said, adding that there can be an additional $4.5 million in escalators.

The team made the announcement through its Twitter acount.

"One of our key offseason goals was to continue signing and extending our key players, and the signing of Carlos is another positive step," coach Marvin Lewis said in a statement. "Over his three seasons with us, Carlos has continued to progress and develop. He has demonstrated the ability to be productive as a three-down player, and we are glad to have him committed to be a part of our future."

The Bengals reached agreement with Dunlap on his extension on the same day the deadline passed for teams to sign franchised players to long-term extensions. Cincinnati failed to reach a long-term deal with defensive end Michael Johnson, who received the team's tag this offseason.

Dunlap's extension might signal the Bengals' willingness to let Johnson depart as a free agent after this season.

Dunlap, 24, has spent his first three NFL seasons with the Bengals. He had 40 tackles during the 2012 season.

Dunlap has 20 sacks in three seasons, including six last year.