The deal is worth $30 million with $20 million guaranteed, according to the source. Terms of the agreement were first reported by NFL Network.
The two sides, led by Giants assistant general manager Kevin Abrams and agent Joel Segal, worked through Christmas Eve to get the deal done, per the source. It's now a nice gift for all having been finalized on Christmas Day.
Ryan, 29, earned the extension with his strong play this season. He signed a one-year, $5 million deal with the Giants back in late August that included another $1.5 million in incentives, and admitted that his familiarity with new coach Joe Judge played a major factor. The move was made in part because the Giants had just lost rookie safety Xavier McKinney to a foot injury that required surgery.
Ryan stepped in seamlessly and is second on the Giants with 81 tackles. He also has a sack, interception and three forced fumbles, becoming a key piece on a defense that has made tremendous strides this season while becoming one of the league's better units.
The versatility and leadership Ryan has exhibited have been key for the Giants. Ryan was given the defensive headset and handled the playcalling when middle linebacker Blake Martinez left a game earlier this season. That's not a common responsibility for a free safety. He's also been an influential voice in the locker room.
This year hasn't come without Ryan experiencing its up and downs. His wife, Ashley, needed emergency surgery for an ectopic pregnancy last month. Logan Ryan credited Giants assistant athletic trainer Justin Maher with potentially saving his wife's life, and he was especially complimentary of Judge and the way the organization supported them in the difficult time.
"And that is the type of organization we have here. Honestly, I wasn't going to talk about that. My kids are OK. My wife is recovering well. She is OK. This happened all yesterday," Ryan said at the time. "And [coach Joe Judge] said, if you need to fly to Florida, don't worry about football. That's what Joe is as a man and as a coach."
Ryan spent the first four years of his career fresh out of Rutgers with the New England Patriots, where he worked with Judge and current Giants defensive coordinator Patrick Graham. He then spent three productive seasons with the Tennessee Titans.
His first year with the Giants (5-9) will be the first losing season of his career. But New York is still in the NFC East race and Ryan has been adamant they are headed in the right direction, perhaps increasing his desire to remain with the team.
"I think this team is close," Ryan said earlier this week. "'Close' is a relative term. I just think we need to beat the Ravens [on Sunday]. ... The standard is to go out here and win this game. I tell you what, the fans listening or whoever may be listening, I'm preparing to go out there to win the game because that's all that matters to me and that's what's at stake."
Ryan is ranked 34th among all safeties this season with a 67.2 grade by Pro Football Focus. He has allowed just 256 yards, two touchdowns and an 85.0 quarterback rating as the nearest defender this season, according to Next Gen Stats.