The Arizona Cardinals agreed to sign cornerback Patrick Peterson to a five-year, $70 million contract extension on July 29. The deal makes Peterson the highest-paid NFL cornerback.
Darren Urban of the Cardinals' official website reports the deal is worth $70 million, citing a tweet from Peterson:
"There is constant talk about whether Patrick Peterson is the best cornerback in the NFL. Now, he'll be paid like he might just be.
"The long-discussed contract for the Pro Bowler came to fruition Tuesday night when Peterson announced on Twitter he had agreed to a five-year extension that puts him in a Cardinal uniform through the 2020 season.
"The news came following the team's final practice and media availability of the day. A press conference is scheduled for Wednesday.
"The negotiations between the team and agent Joel Segal have been ongoing for months. Peterson is the first member of the 2011 draft class's first round to receive an extension. He still has two years remaining on his rookie deal.
"Peterson has insisted all along he would deal with it if a new contract did not happen soon. But the last time he talked about it -- Sunday -- he already knew a deal was getting close to completion.
"'I haven't been to the playoffs since I have been here and that's my first goal,' Peterson said. 'That's what I am focusing on right now.'
"The other three cornerbacks discussed as the top in the league -- Seattle's Richard Sherman, New England's Darrelle Revis and Cleveland's Joe Haden -- all have gotten new contracts recently. Revis, released by Tampa Bay, signed essentially a one year, $12 million deal. Sherman, going into the last year of his contract, signed a four-year extension that will pay him an average of $14 million. Haden, who was in the 2010 draft class, signed a five-year extension that will pay him an average of $13.5 million.
"It was probably not coincidence that Peterson's tweet mirrored the one Sherman put out when he got his new contract a few months ago. According to profootballtalk.com, Peterson's contract averages $10,000 more a year than Sherman in new money -- which was probably not a coincidence.
"That's going to go on the rest of our careers,' Peterson said. 'All four guys in the conversation...we all have different skill sets and all four of us have the ability to be the best in the league. The competition is real, I love it, and it will make all four of us play that much harder. I don't have anything against any of those guys.
"Do I feel I am the best cornerback? Absolutely. That answer is never going to change. But that conversation is always going to come up.'"
"It was never a question if the Cardinals were going to sign Patrick Peterson to a contract extension. It was when.
"And it turned out to be sooner than many people expected. Peterson and the Cardinals announced Tuesday evening that had agreed to terms on a five-year extension that is expected to make Peterson the highest-paid cornerback in the NFL.
"Peterson tweeted that the deal is worth $70 million, including $48 million guaranteed.
"An NFL source said the $48 million is fully guaranteed only in the event Peterson became injured. A sizeable portion of that amount is not guaranteed if Peterson is released for skill or salary-cap reasons.
"Peterson, now under contract through the 2020 season, will have a news conference on Wednesday morning.
"Peterson is the first player taken in the first round of the 2011 draft to agree to a contract extension. That class was the first to enter the NFL under the current collective-bargaining agreement, which placed limitation on rookie contracts.
"That presented considerable obstacles to reaching a contract extension. Talks between Cardinals General Manager Steve Keim and his staff and Peterson's agents Joel Segal and Chafie Fields, started months ago but heated up in recent days. The final hurdles were cleared on Tuesday...
"...Retaining Peterson, a three-time Pro Bowler, was a key to the Cardinals' future. The Cardinals were believed to be about $11 million under the salary cap before Peterson's extension, and his salary-cap figures for the coming years are not yet known.
"Contracts don't become official until approved by the NFL office, and the exact parameters of the deal likely won't be known for a few years."
The 24-year-old Peterson has amassed 161 tackles, 1.0 sack, one forced fumble and 12 interceptions in 48 career regular-season games, per ESPN stats.
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