The Denver Broncos have reached an agreement with their quarterback (QB) Russell Wilson over a five-year, $245 million contract extension, with $165 million guaranteed money, according to ESPN on Thursday.

It's the third-best guaranteed deal in National Football League (NFL) history following only what QB Deshaun Watson of the Cleveland Browns ($230 million) and QB Kyler Murray of the Arizona Cardinals ($189.5 million) will receive.

The Broncos acquired Wilson by trading with the Seattle Seahawks in March when he still had two years left of his last contract. Now the team will be able to keep him until 2028. George Paton, general manager of the team, revealed that the two sides set a deadline until Wednesday to reach a deal over extension.

"We did feel pressure, it came down to the wire last night," Payton said. "We had a deadline and I felt we would figure out, but you never know, we had never done a deal together."

"I came here knowing I was going to be ready to play on these two years [left on his contract]," Wilson said. "... but I think to be able to get this done before the season, to have it all done, is just a blessing. And it allows us all to be excited."

Wilson had been playing for the Seahawks since he was drafted by the team as the 75th pick in 2012. He was starting in every one of the 158 games he played while the team only missed the playoffs twice during the same time period. On February 2, 2014, the Seahawks beat the Broncos 43-8 at MetLife Stadium in East Rutherford, New Jersey, to win Super Bowl XLVIII.

As a nine-time Pro Bowler, Wilson passed 3079-for-4735 for 37,059 yards and made 292 touchdowns (TDs) with 87 interceptions. He was the passer rating leader in 2015 and passing TDs leader in 2017.

"It's so important to me ... to me what's about is to be able to win championships and have enough space on the salary cap so George can work his magic and we can get guys like Randy Gregory ... and other great players. We want to make this a destination location," Wilson said.

The $4.65-billion purchase of the Broncos by the Walton-Penner group was approved by the NFL in August. Greg Penner, the new CEO, expressed his gratitude toward Payton for reaching the extension with Wilson.

"This is an exciting day for the Broncos and our fans as we announce a long-term commitment to Russell Wilson as our franchise quarterback," Penner said. "I want to commend George Paton and his staff for their hard work and diligence in reaching this agreement, which has been a top priority for our organization. In addition to being a terrific quarterback and winner, Russell is a dynamic leader whose positive impact is felt throughout our entire team and community. Our organization is fully committed to winning and competing for Super Bowls with Russell as a Bronco for many years to come."

The Broncos are starting their new season by visiting the Seahawks at Lumen Field in Seattle, Washington, on September 12.