JACKSONVILLE, Fla. -- The Jaguars and quarterback Trevor Lawrence have agreed on a five-year, $275 million contract extension, a source told ESPN's Adam Schefter on Thursday.

The contract includes $200 million guaranteed, including $142 million at signing, the source told Schefter. Lawrence received a $37.5 million signing bonus, a source told ESPN.

The $55 million average salary in Lawrence's deal ties him with the Cincinnati Bengals' Joe Burrow for the top mark in that category in the NFL.

Lawrence becomes the sixth quarterback to have an annual salary above $50 million. The Detroit Lions' Jared Goff ($53 million), Los Angeles Chargers' Justin Herbert ($52.5 million), Baltimore Ravens' Lamar Jackson ($52 million), and Philadelphia Eagles' Jalen Hurts ($51 million) are the other quarterbacks whose average annually salary tops $50 million.

The Kansas City Chiefs' Patrick Mahomes, who just won his third Super Bowl, is the next-highest paid quarterback at $46.339 million annually.

Lawrence's new contract makes him the ninth quarterback with $100 million or more fully guaranteed, joining the Cleveland Browns' Deshaun Watson ($230 million), Burrow (146.5 million), Jackson ($135 million), Herbert (133.7 million), Goff ($113.6 million), Hurts ($110 million), the Arizona Cardinals' Kyler Murray (103.3 million), and Buffalo Bills' Josh Allen ($100 million).

Lawrence is already fourth all-time in Jaguars history in passing yards (11,770) and passing touchdowns (58) and is 21-31 as a starter (including playoffs). He led the Jaguars to the AFC South title in 2022 and rallied the team from a 27-0 deficit to a 31-30 victory over the Chargers in a wild-card playoff game before losing to the Chiefs in a divisional playoff.

Lawrence led the Jaguars to an 8-3 start in 2023 but he battled a concussion and ankle and shoulder injuries over the final six weeks of the season and the team went 1-5 down the stretch and missed the playoffs.

The Jaguars selected Lawrence first overall in 2021. He struggled as a rookie under head coach Urban Meyer -- who was fired after only 13 games -- and finished with a league-high 17 interceptions. Lawrence improved under head coach Doug Pederson, throwing for 4,113 yards and 25 touchdowns with only eight interceptions in 2022. The Jaguars started the season 3-7 but went 6-1 in the last two months and won the AFC South.

Lawrence has 60 turnovers in his first three seasons, which includes an NFL-high 21 in 2023 (14 interceptions, seven lost fumbles). There are only 11 quarterbacks who have made their debut since 1978 that have turned the ball over more in their first three seasons, per the Elias Sports Bureau. That list includes three Hall of Famers -- Warren Moon (73, tied with Steve DeBerg for the most), Peyton Manning (64) and John Elway (61).