Rivers' deal gives him the most guaranteed money of any player in the NFL under a current contract. The 33-year-old was in the final year of his contract, and was set to make $15.75 million for the 2015 season. Rivers had said that if the two sides did not reach a deal before the start of the season, he would be willing to test free agency next off-season.
The deal comes at the same time as the controversy regarding the franchise possibly moving to Los Angeles. Negotiations for a new stadium in San Diego ended in June. The Chargers are in talks with the Oakland Raiders on getting a new stadium in Carson, California if neither team reaches a new stadium deal.
Rivers was traded to the Chargers in a deal involving Eli Manning on draft day in 2004. He has started every game for the team since taking over for Drew Brees in 2006. He has the second-longest active streak with 144 consecutive games started, behind Manning, who has 167 in a row.
Rivers has been selected to five Pro Bowls as a Charger, as well as leading the team to five postseason berths, four division titles, and the 2007 AFC Championship Game. He is the franchise leader with 88 wins, and his 252 touchdown passes is two shy of Dan Fouts' team record.
Rivers threw for 4,286 yards and 31 touchdowns in 2014 for San Diego, who finished the season 9-7 and third in the AFC West. Rivers is the only big-name quarterback taken in the 2004 draft to not win a Super Bowl, and he looks to change that sooner rather than later.