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Russell Wilson agrees to 4-year contract extension

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The Seattle Seahawks and Russell Wilson have come to terms on an interesting four-year contract extension. We break down the preliminary numbers.

Russell Wilson had reportedly set a deadline of today for a contract extension, and it appears a deal is done. Peter King is reporting Wilson and the Seattle Seahawks have come to terms on a four year extension worth $87.6 million. King is reporting the deal includes a $31 million signing bonus, with $60 million guaranteed. We don't know how much of the non-signing bonus money is fully guaranteed, but even without knowing that, the signing bonus alone is....wow.

Even without the complete details, this is an intriguing deal for Wilson. He is 26, and this deal sets him up for another pay day at 30. If he can build on his first three seasons, there is no reason to think he can't come away with another huge pay day in four years.

On the Seahawks side of things, a $31 million signing bonus on only a four-year deal is pretty interesting. That prorates out to $7.75 million per year in cap hit, without factoring in his annual salaries. If it is a traditional signing bonus and prorates that way, I don't think this is a deal they would really be re-negotiating for much of the life of it. A restructured deal would potentially roll up that signing bonus money as dead money. While the deal is not fully guaranteed, this would seem to give Wilson as much security as he might otherwise expect from an NFL deal.

Fooch's update: If it's a four-year extension added on to this final year, then it amortizes at $6.2 million per year. Still a lot, but a little different.

We'll be keeping an eye out for more details, but for now, this is interesting, particularly with Kam Chancellor starting a holdout looking for money.