The deal, which runs through the 2028 season, includes $160 million guaranteed for injury, the source told Schefter. Murray will make $105 million fully guaranteed upon signing the deal, according to the source.
The average annual value of Murray's deal is $46.1 million, which is the second highest in the NFL behind only Packers star quarterback Aaron Rodgers ($50.3 million). Deshaun Watson's deal with the Browns has an average annual value of $46 million, and Chiefs star Patrick Mahomes' deal averages $45 million per year.
The only deal in NFL history with more guaranteed money than Murray's is Watson's $230 million fully guaranteed with the Browns.
The Cardinals officially announced Murray's five-year extension Thursday but did not disclose terms. Some of Murray's teammates, including newly acquired receiver Marquise "Hollywood" Brown and star safety Budda Baker, congratulated the quarterback on Twitter.
Mood 🎊🍾 Congrats My Boy 💰 pic.twitter.com/4dhPeuPPbO— Hollywood Brown (@Primetime_jet) July 21, 2022
Congrats!!!! @K1 Let's Go To Work!!!— Budda Baker (@buddabaker32) July 21, 2022
Murray's agent, Erik Burkhardt, and Cardinals general manager Steve Keim worked on the deal into Wednesday night and finalized the agreement Thursday morning after months of ongoing negotiations, according to Schefter.
Murray, 24, already had been under contract through the 2023 season after the Cardinals exercised their fifth-year option on his rookie deal in April.
But the 2018 Heisman Trophy winner's long-term future in Arizona became uncertain earlier this year after Murray scrubbed his Instagram page following the Pro Bowl, leaving just two posts: one of him at Oklahoma from 2018 and one from the Pro Bowl.
Keim said earlier this year that there was "zero chance" Murray would be traded and indicated a long-term deal could be finalized at some point during the summer after the organization had a chance to "take a deep breath and sort of refocus" after free agency and this year's NFL draft, similar to negotiation timelines that culminated in lucrative deals for other third-year quarterbacks such as Mahomes and Buffalo Bills star Josh Allen.
Murray, who was drafted first overall by the Cardinals in 2019, has established himself as one of the NFL's top young quarterbacks over the past three seasons. He led the Cardinals to year-over-year improvement each season -- from five wins in 2019 to eight in 2020 and 11 in 2021, all while setting records.
Murray is the first player in NFL history with at least 70 passing touchdowns, 20 rushing touchdowns, 3,500 passing yards, 400 rushing yards and 17 games with a completion percentage of at least 70% in his first three seasons. His overall completion percentage of 66.86 is the best for a player in his first three seasons.
Murray also was named the Offensive Rookie of the Year in 2019 and a Pro Bowler in each of the past two seasons.
Arizona missed the playoffs in 2020 after losing six of its last nine games -- including consecutive win-and-they're-in contests to close out the season. Murray was injured throughout the second half of 2020 and spent the offseason frustrated and lamenting self-inflicted mistakes that cost the Cardinals a postseason berth.
In 2021, however, the Cardinals appeared to have figured out their issues from the end of 2020. They started 7-0, and Murray was part of the MVP conversation. He then missed three games because of an ankle injury, and Arizona went on to finish the season 4-6 and was blown out by the Los Angeles Rams in the NFC wild-card round.