Taylor signed a three-year deal that could void to a two-year deal and earn Taylor as much as $7 million over those two years if he emerges as the Bills' starter, a source said.
The Denver Broncos offered Taylor a richer deal, the source said, but he decided to sign with the Bills instead. Taylor's contract with the Bills includes $1.2 million in guaranteed money.
Taylor, who backed up Joe Flacco for the past four seasons in Baltimore, relayed the message from by the Bills' coaching staff about his role in a quarterback competition.
"That there is going to be a competition," Taylor said. "No one is really ahead of the other guy right now. They’re looking forward to us coming in and pushing each other to make this team better."
Bills coach Rex Ryan has been pursuing Taylor since he was coaching the New York Jets.
"I actually tried to trade for [Taylor] when I was with the Jets," Ryan told SportsNet 590 in Toronto. "If he’s not the fastest quarterback in the league, he’s certainly up there with them. He’s got great run skills. I’m not gonna say he’s Russell Wilson, but he’s got a little of that in him, where he’s able to run zone-reads and pull the ball down and be effective."