The Miami Dolphins and quarterback Tua Tagovailoa have agreed to a massive four-year, $212.4 million extension, his agency, Athletes First, confirmed to ESPN's Adam Schefter on Friday (July 26).

"Tua Tagovailoa is signing a four-year, $212.4 million extension, per @AthletesFirst," Schefter wrote on his X account. "Tua Tagovailoa’s new deal includes $167 million guaranteed."

Tagovailoa's $53.1 annual salary now ranks as the third-highest among NFL quarterbacks behind only Joe Burrow of the Cincinnati Bengals and Trevor Lawrence of the Jacksonville Jaguars. In May, Jeremy Fowler reported that Tagovailoa rejected a previous extension offer during "preliminary talks."

"They have had contract talks, preliminary talks. I'm told that the Dolphins have made at least one contract offer but we know how these things go; the offer apparently hasn't been good enough or he'd probably be there full time. So, the market is pretty set. We saw [Detroit Lions quarterback] Jared Goff, $50-plus million a year, that's going to apply to Tua and [Jacksonville Jaguars quarterback] Trevor Lawrence," Fowler said on SportsCenter via Bleacher Report (h/t David Furones of the Sun Sentinel).

Ron Verb