The Jacksonville Jaguars signed quarterback Blake Bortles to a new three-year contract Saturday, they announced.

The deal is worth $54 million, a source told ESPN's Adam Schefter. It will reportedly pay Bortles $66.5 million if he hits all of the incentives, and guarantees him a minimum of $26.5 million. Before the new agreement, Jackonsville held a $19-million team option on the pivot for the 2018 season.

"Blake's growth and development last season was a key to the success we had as a team," executive vice president of football operations Tom Coughlin said in a statement. "Blake has proven, with toughness and dependability, that he can be the leader this team needs going forward. Along with this contract come high expectations that he will continue to improve and help our team accomplish its ultimate goal."

Bortles briefly lost the starting job during last year's preseason, but regained it and wound up servicing Jacksonville adequately as a game-manager throughout the season. The former third overall pick tossed for 3,687 yards with 21 touchdowns and 13 interceptions in 2017, his fourth year in the league, and helped the Jags reach the AFC Championship for the third time in franchise history.

The extension comes a day after the Jaguars announced new deals for Coughlin, general manager David Caldwell, and head coach Doug Marrone through 2021.

An agreement between Bortles and the Jaguars on a new deal was first reported by Ryan O'Halloran of the Florida Times-Union.