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Keenan Allen and the Chargers have agreed to a multi-year extension to keep the receiver in Los Angeles long-term, the club announced on Saturday. The extension will be worth more than $80 million for four years, per NFL Network's Ian Rapoport, which would make Allen the NFL's second highest-paid receiver behind Falcons wideout Julio Jones. 

Allen celebrated his extension via Instagram shortly after the news broke:

Want to thank the organization, Tom Telesco especially for giving me a opportunity! Super juiced about this. CHARGER FANS WE LOCKED IN FOR ANOTHER ROUND, FOREVER A CHARGER!

Allen (whose previous cap hit was $12.65 million) was slated to enter the 2020 season as the 18th highest-paid receiver in the league in terms of annual salary. Last season, Allen caught a career-high 104 passes for 1,199 yards and six touchdowns. He caught at least five passes 12 times during 2019, including a 13-catch, 183-yard, two touchdown performance in the Chargers' Week 3 loss to the Texans.

A third-round pick in the 2013 draft, Allen caught 71 passes for 1,046 yards and eight touchdowns during his rookie season. After sustaining several injuries over the next three years, Allen worked on becoming a more available and consistent player. He altered his weight room routine while staying in shape year round. The result is three straight Pro Bowl selections while earning one of the league's most lucrative contracts. 

While he's not one of the most highly-touted receivers in the league at this point of his career, coach Anthony Lynn says the Chargers fully appreciate Allen's value to the team. 

"We know Keenan's value," Lynn recently said of Allen, via The Athletic. "He's a big receiver that can play inside and outside. He's an excellent blocker in the run game. His run-after-catch is outstanding. Some people may knock him a little bit on his long speed. But he's a very confident young man and very productive. So he doesn't have to prove anything to us.

"He's a big receiver that can play inside and outside. He's an excellent blocker in the run game. His run-after-catch (ability) is outstanding. Some people may knock him a little bit on his long speed. But he's a very confident young man and very productive. So he doesn't have to prove anything to us."

Allen's extension comes more than a month after teammate Joey Bosa agreed to a five-year, $135 million extension. The Pro Bowl pass rusher's contract includes $78 million fully guaranteed at signing and $102 million guaranteed -- a new NFL record. 

The next Chargers veteran that may be in line for a new extension is receiver Mike Williams. The seventh overall pick in the 2017 draft, Williams is the 46th highest-paid receiver (in terms of annual salary) in the league heading into the 2020 season. That's quite a bargain for a player that led the NFL with a 20.2 yards per reception average in 2019. Last season was a breakout year for Williams, who eclipsed the 1,000-yard receiving barrier for the first time in his career. His breakout performance took place in Week 9, when he caught all three of his targets for 111 yards in a road win over the Packers. 

Williams and Allen will look to continue building a rapport with veteran quarterback Tyrod Taylor, who was recently named the Chargers' Week 1 starter.