Report: Raiders, Carr finalize record-setting 5-year, $125M deal

Derek Carr is now the highest-paid player the NFL has ever seen.

The Oakland Raiders and their star quarterback have finalized a five-year extension worth $125 million, NFL Network's Ian Rapoport reports, citing sources.

Carr's annual new-money average of $25 million - tacked on to the fourth and final year of his initial rookie contract - surpasses the previous record of $24.59 million set by Andrew Luck last offseason.

The pact also includes $70 million in guarantees, $40 million of which is fully guaranteed at the signing, according to Tom Pelissero of USA Today.

News of the impending megadeal first surfaced Wednesday, when ESPN's Adam Schefter indicated the two sides were closing in on an agreement. Carr had taken to Twitter at that point in cautioning that there was still work to be done, adding that he'd provide an update when signed.

Following through on that promise, he issued confirmation of a deal immediately after Rapoport's report.

Carr, a second-round pick in 2014, has enjoyed a steady ascent into the upper echelon of NFL quarterbacks over each of his first three seasons.

The 2016 campaign was far and away his most impressive showing yet, leading Oakland to 12 wins and the club's first playoff appearance since 2002. His stellar season came to an end when he suffered a broken leg in Week 16, though, and the Raiders were unable to overcome the loss of their leader when they met the Houston Texans in the wild-card round of the postseason.

Carr getting back to full strength and continuing on the aforementioned development path would, of course, go a long way toward the Raiders' chances of capitalizing on their new-found Super Bowl potential.

Making a case for MVP honors prior to to the devastating injury, Carr completed 63.8 percent of his passes for 3,937 yards, 28 touchdowns, and just six interceptions across 15 games.