Chargers pick up fifth-year option on Justin Herbert, locking the QB in through the 2024 season, per report

Herbert is also eligible for a long-term extension

Justin Herbert is going to be in Los Angeles for at least the next few seasons and likely a lot longer. The Chargers made the easy decision to pick up the fifth-year option on the quarterback's rookie contract, according to NFL Media. This ensures that Herbert will be under team control through the 2024 season and will make $29.5 million on that fifth-year option. 

Herbert is the third quarterback from his 2020 draft class to have his team pick up the fifth-year option as Miami's Tua Tagovailoa and Cincinnati's Joe Burrow are also locked in for two more years. The deadline to pick up options is Tuesday, May 2, so they did get this decision in with a few days to spare. 

Of course, this was a no-brainer move for the Chargers as Herbert -- the No. 6 overall pick in the 2020 draft -- has established himself as one of the elite young quarterbacks in the NFL. Out of the gate, he took the league by storm and earned Offensive Rookie of the Year honors after a season where he set rookie records for the most passing touchdowns (31), most passing yards per game (289.1), and completions (396). 

Herbert has thrown for at least 4,300 yards and 25 touchdowns in each of his first three seasons and is coming off a 2022 season where he led L.A. to double-digit wins for the first time in his tenure. Back in 2021, Herbert was also named to the Pro Bowl after throwing for over 5,000 yards. 

This fifth-year option should be looked at as more of a placeholder as Herbert became extension eligible this offseason and could very well reset the market at his position, especially now that both Jalen Hurts and Lamar Jackson's contracts have been agreed to. According to Spotrac's market value projections, Herbert could be looking at a six-year, $279 million contract that pays him $46.5 million in average annual salary.