The Las Vegas Raiders signed quarterback Derek Carr to a multi-year contract extension, the team announced Wednesday.
While the Raiders didn't announce the terms of the deal, Carr agreed to a three-year, $121.5-million extension that runs through the 2025 season, a source told Ian Rapoport of NFL Network.
The deal also includes a no-trade clause, reports Mike Garafolo of NFL Network.
Carr was entering the final season of a five-year, $125-million contract he signed in 2017. He will reportedly earn $141.3 million over the next four years, including $100 million over the next three years.
The 31-year-old's new-money annual average of $40.5 million puts him fifth among quarterbacks behind Aaron Rodgers ($50.27 million), Deshaun Watson ($46 million), Patrick Mahomes ($45 million), and Josh Allen ($43 million), according to Over The Cap.
Carr reportedly drew trade interest the last two offseasons, but the Raiders made it clear they wanted him to lead the team into a new era alongside head coach Josh McDaniels.
The quarterback's place with the team was further cemented by the blockbuster acquisition of receiver Davante Adams in a March trade with the Green Bay Packers. Carr and Adams played together at Fresno State, and the wideout previously said it'd be a dream to reunite in the NFL.
Carr threw for a career-high 4,804 yards and 23 touchdowns against 14 interceptions while leading Las Vegas to a wild-card spot. It was his fourth straight 4,000-yard season.
The three-time Pro Bowler has produced a 57-70 record in eight seasons with the Raiders since being selected in the second round of the 2014 NFL Draft.