Jimmy Garoppolo inks $137.5M deal, now NFL's highest-paid player

What does Garoppolo's contract mean for FA quarterbacks? (1:23)

Adam Schefter breaks down the 5-year contract agreement between the 49ers and Jimmy Garoppolo, and what the deal means for the free-agent market. (1:23)

SANTA CLARA, Calif. -- The San Francisco 49ers' quarterback of the present is officially their quarterback of the future.

The Niners announced Thursday they have signed Jimmy Garoppolo to a five-year contract extension through the 2022 season. Sources confirmed to ESPN the deal is for $137.5 million, including $86.4 million guaranteed in the first three years, making it the largest three-year total in NFL history.

The deal makes Garoppolo, 26, the league's highest-paid player despite having just seven NFL starts to his name. The deal's average annual value of $27.5 million per season is the largest in NFL history, $500,000 more per season than the previous high reached last year by Detroit Lions QB Matthew Stafford.

A news conference has been scheduled for Friday at Levi's Stadium.

Garoppolo's signing comes as no surprise, given his strong finish to the 2017 season. He took the reins from a 1-10 team and led the Niners to victories in their final five games.

After the season, San Francisco general manager John Lynch made it clear that the franchise's top priority entering the offseason would be getting Garoppolo locked in for the long haul.

"We want Jimmy to be a Niner for a long, long time," Lynch said on Jan. 2. "That process is going to take place here. We're eager to get that done, to have the opportunity. ... You have our assurances, and the fans do, that we'd like nothing more than to make him a Niner for a long, long time."

Lynch and the Niners did not reveal much publicly throughout the negotiations, nor did Don Yee, Garoppolo's representative. Still, Lynch offered periodic updates throughout the process, including at January's Senior Bowl, where he said the Niners were "working hard" to get a deal done and that a deal made "too much sense not to happen."

For his part, Garoppolo mostly played coy when asked about contract negotiations, but he repeatedly referred to the Niners in an inclusive way on multiple occasions.

"I like being here," Garoppolo said on Jan. 1. "We had a good thing going at the end of this year. You know, we'll see what happens."

The 49ers acquired Garoppolo on Oct. 31 from the New England Patriots for a 2018 second-round draft pick. Garoppolo, who got his first start on Dec. 3 against the Bears, set a franchise record for passing yards in his first five starts with the team (1,542), doing so despite having minimal time to absorb Kyle Shanahan's offense.

That performance undoubtedly raised Garoppolo's price tag. Lynch said both sides agreed right after the trade to put off contract talks until after Garoppolo had a chance to settle in to his new surroundings.

In 23 games with seven starts between the 49ers and Patriots, Garoppolo has completed 67.3 percent of his passes for 2,250 yards, with 12 touchdowns and five interceptions, for a passer rating of 99.7 and a 77.7 QBR.

The deal was first reported by NBC Bay Area and the NFL Network.