The Green Bay Packers didn't pick up Jordan Love's fifth-year option. Instead, the sides agreed to a contract extension to keep the quarterback under contract through 2024.
NFL Network Insider Tom Pelissero reported Tuesday that the one-year extension includes $13.5 million guaranteed and can be worth up to $22.5 million, per sources informed of the deal.
Tuesday marks the deadline for 2020 first-rounders to have their fifth-year options picked up.
The fifth-year option for Love, the No. 26 overall pick, would have been $20.272 million fully guaranteed. The extension guarantees Love less over the next two seasons but comes with additional upside for the quarterback.
In three seasons in Green Bay, Love has started just one contest and appeared in 10 games. He's thrown 83 passes, completing 50 for 606 yards, three touchdowns and three interceptions.
When asked over the weekend about picking up Love's $20 million fifth-year option, general manager Brian Gutekunst noted, "It's a lot of money for a guy who hasn't played."
Instead, they'll split the difference.
Green Bay's brass spoke confidently about Love's development all offseason, noting he's ready to take over the starting mantle from a future Hall of Fame quarterback. Given that confidence, it made sense to have Love under contract beyond the 2023 season.
The Packers drafted Love to be their next franchise signal-caller. Now he's under contract for two years, where he can prove their faith correct. The extension also gives Green Bay an additional season before any franchise tag talk comes into play.
Green Bay spent draft weekend loading up on pass catchers for Love to grow around. The Packers selected three wide receivers -- Jayden Reed, Dontayvion Wicks and Grant DuBose -- and also double-dipped at tight end with Luke Musgrave and Tucker Kraft.
The stage is set for a fresh, new-look offense to take the field this season behind Love, who will become the Packers' third Week 1 starting QB since 1992. With the news today, he'll do so knowing he's also set to be the man in 2024.