On the eve of the 2023 NFL season, the Cincinnati Bengals made their franchise quarterback the highest-paid player in league history.

Joe Burrow and the Bengals agreed to a five-year, $275million contract extension, multiple media outlets reported Thursday, giving him the highest annual salary in NFL history.

The deal, which reportedly guarantees Burrow $219million, is the culmination of months’ worth of negotiations between the Bengals and the 2020 top overall draft pick.

Burrow’s annual haul of $55million edged Los Angeles Chargers quarterback Justin Herbert’s new deal that pays $52.5million per season, signed earlier this offseason. The Philadelphia Eagles’ Jalen Hurts and Lamar Jackson of the Baltimore Ravens also briefly held the most lucrative contract after signing extensions this offseason.

Burrow has completely changed the fortunes of a historically downtrodden franchise, leading Cincinnati to a Super Bowl appearance at the end of the 2021 season and coming up just short in last season's AFC Championship game.

At no other point in team history have the Bengals won a playoff game in consecutive seasons, and Burrow’s first career postseason win in 2021 snapped a 31-year drought without a playoff victory.

Burrow’s rookie campaign was cut short by injuries to the ACL and MCL in his left knee, but he rebounded in 2021 to be named the AP Comeback Player of the Year. In his sophomore season, he threw for 4,611 yards and 34 touchdowns to 14 interceptions.

In 2022, Burrow was voted to his first Pro Bowl after throwing for 4,475 yards and 35 touchdowns with just 12 interceptions.

In seven career playoff games, Burrow has nine touchdown passes and four interceptions.

According to FanDuel Sportsbook, Burrow is the odds-on favourite to lead the NFL in passing yards this season.

The Bengals kick off their 2023 campaign Sunday on the road against their division and in-state rivals, the Cleveland Browns.