INDIANAPOLIS -- The Chicago Bears laid to rest any rumors that they might attempt to upgrade at the quarterback position, reaching agreement Friday night on a new contract for incumbent Jim Miller, the man who in 2001 led the club to its first playoff berth since 1994.

After an evening of bargaining, ESPN.com learned that Miller agreed to a five-year contract that is worth $12 million. He will receive a signing bonus of $2 million and base salaries of $900,000 (for 2002), $1.5 million (2003), $1.75 million (2004), $2.5 million (2005) and $3 million (2006).

The deal, which essentially takes the Bears out of the quarterback market and Miller out of the free agent pool, will afford the eight-year veteran the opportunity to earn another $20 million in incentives. Many of the incentives clauses are easily attainable, such as a $300,000 bonus if Miller throws 20 touchdown passes in a season.

Those bonuses can escalate if Miller take the Bears to the playoffs.

"We have a good thing going and I wanted to be around to see it through to the end," Miller said late Friday night. "I really like the chemistry of our team and the best is yet to come."

Agent Joe Linta bargained through the evening with Bears officials and, while there were some moments when it appeared negotiations might break down, both sides were motivated by the desire to keep a good relationship intact.

There were rumors late in the regular season that the Bears might be among the teams interested in pursuing New England quarterback Drew Bledsoe in a trade, but coach Dick Jauron and Bears general manager Jerry Angelo were supportive of Miller throughout.

Miller started 13 games and reached career bests in every category, completing 228 of 395 passes for 2,299 yards, with 13 touchdown passes and 10 interceptions. For his career, Miller has 430 completions in 732 attempts for 4,443 yards, with 23 touchdowns and 22 interceptions.

Miller, 31, had played with three different teams -- Pittsburgh (1994-96), Jacksonville (1997) and Atlanta (1997) -- before signing with the Bears in 1998.

Len Pasquarelli is a senior NFL writer for ESPN.com.