PHILADELPHIA -- The Eagles and DeVonta Smith have agreed to a three-year extension that ties the wide receiver to the team through the 2028 season.
Terms were not disclosed, but a source told ESPN's Adam Schefter that the contract is worth $75 million, with $51 million guaranteed.
The team also exercised Smith's fifth-year option, which will pay Smith a salary of around $16 million for the 2025 campaign.
Smith becomes the fifth receiver in the NFL with a contract averaging $25 million or more per season, joining Tyreek Hill of the Miami Dolphins ($30 million), Davante Adams of the Las Vegas Raiders ($28 million), Cooper Kupp of the Los Angeles Rams ($26.7 million) and Smith's teammate, A.J. Brown ($25 million).
Smith and Brown became the first receiver tandem in Eagles history to each reach 1,000 yards receiving in 2022 and they repeated the feat last season. Teamed with quarterback Jalen Hurts, they've helped fuel an offense that ranks fifth in points per game (26.8) over the past two seasons and have developed a strong bond over that time.
Smith, 25, has 240 catches for 3,178 yards and 19 touchdowns over three seasons with the Eagles. The former Heisman Trophy winner set the team rookie record for receiving yards (916) in 2021, surpassing a mark previously held by DeSean Jackson, and established a new high for single-season receptions (95) in 2022. He eclipsed 1,000 yards receiving for a second consecutive year in 2023.
Known as a big-game player dating back to his days at Alabama, Smith has saved some of his best work for the postseason. He had eight grabs for 148 yards in January's wild-card loss to the Tampa Bay Buccaneers and became the third Eagles player with 100-plus receiving yards in a Super Bowl with his seven-catch, 100-yard performance against the Kansas City Chiefs in Super Bowl LVII.
The Eagles had until May 2 to exercise Smith's fifth-year option. They had plenty of time to get a contract extension done but have a history of locking in foundational players as early as possible, in part because they know the price tag will only go up. With a number of top-end receivers eligible for new deals, including the Minnesota Vikings' Justin Jefferson and Cincinnati Bengals' Ja'Marr Chase, there's a good chance the market will be reset soon.
Philadelphia has been busy this offseason paying key players on offense. Guard Landon Dickerson signed a record-breaking four-year, $84 million extension in March and tackle Jordan Mailata signed a three-year, $66 million contract earlier this month.