Woods' new deal has a base value of $65 million with $32 million guaranteed, according to NFL Network's Ian Rapoport.
The big-money extension for Woods comes just one week after the Rams rewarded fellow wideout Cooper Kupp with a three-year contract reportedly worth up to $48 million.
An annual average of $16.25 million makes Woods the tenth-highest paid receiver in football, checking in one spot behind Mike Evans and just ahead of Brandin Cooks, who joined the Texans in an offseason trade from the Rams.
Woods, a second-round pick of the Buffalo Bills in 2013, is coming off the two most productive seasons of his pro career. He played in all but one game over that stretch, recording 176 catches for 2,353 yards, and eight touchdowns.