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Updated: March 15th, 2013 9:27am
Percy Harvin's $64.5M extension made him 1 of NFL's top-paid receivers

Percy Harvin's $64.5M extension made him 1 of NFL's top-paid receivers

by Tom Pelissero
1500ESPN.com
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Percy Harvin got his wish. He's now one of the NFL's highest-paid receivers.

The contract Harvin signed with the Seattle Seahawks on Tuesday is a five-year, $64.5 million extension, according to an NFL source.

The deal includes $25.5 million in guarantees -- a $12 million signing bonus, plus a fully guaranteed $2.5 million base salary in 2013 (the last year of his rookie deal) and an injury-guaranteed base salary of $11 million in 2014 that becomes fully guaranteed in February.

The rest of the deal is on a pay-as-you-go basis, with non-guaranteed base salaries of $10.5 million in 2015, $9.9 million in 2016, $9.95 million in 2017 and $11.15 million in 2018.

In other words, if things don't work out, the Seahawks could cut Harvin after the 2014 season and not pay another dime, making it a two-year, $25.5 million pact.

Of course, that'd still be stiff price considering what they gave the Vikings -- first- and seventh-round draft picks this year, plus a third-round pick in 2014 -- for a talented playmaker who may not have had a future in Minnesota either way.

Harvin and the Seahawks agreed to the deal before the trade was finalized on Monday after months of speculation about his future. Harvin, 24, privately had made clear since at least last summer he wanted a new contract to replace the last year of his rookie deal.

Detroit's Calvin Johnson ($16,207,143) and Arizona's Larry Fitzgerald ($16,142,857) still lead the pack in terms of average per year on receiver contracts.

Taken as a five-year extension, Harvin's deal averages $12.9 million a year. Taken as a six-year, $67 million deal, Harvin's average is about $11.17 million.

Mike Wallace signed a five-year, $60 million contract ($12 million average) with $30 million in guarantees with Miami on Tuesday. Dwayne Bowe re-signed with Kansas City for five years and $56 million ($11.2 million average) with $26 million guaranteed last week.

Chicago's Brandon Marshall ($11,194,750 average) and Tampa Bay's Vincent Jackson ($11,111,111) signed deals in recent years that put them in a similar range.

The guarantees in any NFL deal are what matter, though, so it'll largely be up to Harvin whether he gets a chance to collect anything beyond that first $25.5 million.

The highest-paid receiver on the Vikings' roster as of Friday morning was Jerome Simpson, who signed a one-year, $2.1 million contract on Tuesday.

Tom Pelissero is Senior Editor and columnist for 1500ESPN.com. He hosts from 6 to 8 p.m. weeknights and co-hosts from 10 a.m. to noon Sundays on 1500 ESPN Twin Cities.
Email Tom | @TomPelissero | Tom Pelissero
In this story: Percy Harvin, Jerome Simpson
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