Giants, Odell Beckham agree to five-year contract extension worth up to $95 million

The Odell Beckham contract standoff that's surprisingly lacked fireworks has reached its expected conclusion, one that involves the New York Giants handing bags of money to Beckham in exchange for the prime of his football career. 

On Monday afternoon, NFL Network's Kimberly Jones and Ian Rapoport reported that the Giants and Beckham were closing in on a five-year extension that would make Beckham the highest-paid receiver in football. Not long after, ESPN's Josina Anderson reported that the deal has been agreed to. Later on Monday night, the Giants confirmed that they extended Beckham.

"It's a five-year extension, six years total," Giants general manager Dave Gettleman said, per the team's website. "We got him until he's 108. I never worried whether or not we would get it done. I'm pleased, because the litmus test for a contract is that neither side is ticked off before the ink can dry, and neither side should be ticked off. It's a very fair deal."

According to CBS Sports NFL Insider Jason La Canfora, the deal averages $18 million per year ($90 million total) with another $5 million in escalators, bringing its total value to $95 million. $41 million is guaranteed with $65 million guaranteed for injury.

It's the largest contract for a receiver in NFL history.

"Honestly, I don't even know how to explain it," Beckham said. "I don't know if it's a relief, I don't know -- it's a combination of everything. You've worked all your life to get to this point and it's finally here. I have to thank Mr. Mara, Steve Tisch, Mr. Gettleman, coach (Pat) Shurmur, Eli (Manning), all the guys I played with in the past years. Everybody was really a part of this -- my mom, my dad, my family, everybody who was supporting me through this. It's just such an amazing feeling, I can't even explain. Most importantly, I have to thank God for being able to put me back together mentally, physically, spiritually. This is just truly amazing; I don't even know the right words to describe.

"It was just a time of patience and waiting and I knew that it would get done, it just was a matter of when and I'm just so happy that it is finally done now."

Here's how happy Beckham and his teammates are:

The contract is entirely deserved. Beckham, still only 25, has been in the NFL since 2014, when the Giants drafted him in the first round. He's proceeded to catch 313 passes for 4,424 yards and 38 touchdowns. Since 2014, even though he's missed 17 possible games in that span, he ranks eighth in receptions, seventh in receiving yards, and second in touchdown catches. On a per game basis, he's averaging 94.1 receiving yards. Only Antonio Brown and Julio Jones have averaged more receiving yards per game since 2014.

To be clear, Beckham is a top-five receiver in all of football, the kind of receiver capable of single-handedly dragging a team to the postseason. But under his rookie contract, Beckham was set to earn a little less than $8.5 million, which would've been the 22nd highest cap hit among receivers in 2018, setting up the contract standoff that ended Monday.

In the offseason, it was reported that Beckham wanted to get paid like a quarterback. On Monday, after Beckham spent the summer practicing with the team instead of holding out, Beckham got the deal he wanted, and the Giants made sure their best player is properly compensated for his remarkable skill-set. 

It's difficult to view this as anything other than a win-win for the player and team. A year ago, when Beckham lost his season to an ankle injury, the Giants saw just how low their offense could sink without him. They couldn't afford to lose a receiver like him. 

So, they paid him the money he deserves.

CBS Sports Writer

Sean Wagner-McGough joined CBS Sports in 2015 after graduating from UC Berkeley. A native of Seattle, Sean now resides in the Bay Area. He spends his spare time defending Jay Cutler on Twitter. Full Bio

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