The Buffalo Bills have locked in their franchise quarterback for the long-term.
Spotrac's Michael Ginnitti reports Allen's extension is worth $258 million, making him the second highest-paid player in NFL history and includes $150 million guaranteed, which is the $9 million more in guaranteed money than any previous contract in league history.
Allen's reported new deal is also the largest contract in Bills franchise history, surpassing former Buffalo defensive lineman Marcell Dareus' $96.5 million extension in 2015.
Allen, 25, was shown consistent improvement since being selected by the Bills at No. 7 overall in the 2018 NFL Draft.
The former University of Wyoming standout has thrown for more yards, touchdowns and a higher completion percentage than the previous year in each season since his 2018 rookie campaign.
Allen threw for a career best 4,544 yards, 37 touchdowns and a 69.2 completion percentage in 2020, leading Buffalo to its first AFC East Division title since 1995 and receiving two Associated Press NFL MVP votes.
Allen is the first quarterback from the 2018 NFL Draft class to sign a long-term second contract and the first Bills quarterback to receive a post-rookie contract extension since Pro Football Hall of Famer Jim Kelly's six-year, $18.5 million deal in 1990, according to Buffalo Fanatics.