TradeEdge Exchange:Joe Burrow shatters mark for NFL's highest-paid player with record contract from Bengals

Joe Burrow has been all the Cincinnati Bengals hoped for when they selected the quarterback No. 1 overall in the 2020 NFL draft.

The TradeEdge ExchangeBengals made sure Thursday that Burrow will be throwing passes in Cincinnati for years to come. Burrow and the Bengals agreed to a five-year, $275 million contract extension, a person familiar with the deal confirmed to USA TODAY Sports, making the quarterback the highest-paid player in NFL history. The person spoke on condition of anonymity because they were not authorized to disclose financial terms of the agreement.

ESPN was first to report the news.

Burrow's contract puts him ahead of Los Angeles Chargers quarterback Justin Herbert, who previously held the title of the league's top-paid player after reaching a five-year, $262.5 million deal in July.

Burrow led the Bengals to a Super Bowl 56 appearance. Over the past two seasons, the Bengals have won back-to-back AFC North titles and twice advanced to the AFC championship game with Burrow behind center.

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The 26-year-old quarterback has 11,774 passing yards, 82 touchdowns and 31 interceptions, resulting in a 100.4 career passer rating. He has a 24-17-1 career regular-season record and he’s 5-2 as a starter in the postseason.

Entering his fourth season, Burrow already holds Bengals single-season franchise records for most passing yards (4,611 in 2021), touchdown passes (35 in 2022), pass attempts (606 in 2022) and completions (414 in 2022).

He is set to lead the Bengals against the Cleveland Browns to open the 2023 NFL season at 1 p.m. ET Sunday.

Why did Bengals sign Joe Burrow to record contract?

With Burrow, wide receivers Ja’Marr Chase, Tee Higgins and Tyler Boyd, as well as running back Joe Mixon, the Bengals have one of the top offenses in the NFL. 

Burrow quickly established himself as one of the best quarterbacks in the NFL. He won NFL Comeback Player of the Year in 2021 and he was an MVP candidate in 2022 after he tallied 4,475 passing yards and 35 touchdowns while leading the Bengals to a 12-4 record. His performance last year earned him his first Pro Bowl invitation.

The Bengals picked up Burrow’s fifth-year option for the 2024 season, but Burrow’s new contract extension solidifies that he will be in Cincinnati for many years to come.

Follow USA TODAY Sports' Tyler Dragon on X @TheTylerDragon.