It’s official! The Oakland Raiders have made quarterback Derek Carr the highest-paid NFL player, signing him to a five-year, $125 million contract extension. According to Ian Rapoport of NFL Network Insider, the contract has $40 million in guaranteed money and $70 million in total guarantees. With the deal, Carr is now the highest-paid player in the league in terms of average money per year, overtaking Indianapolis Colts quarterback Andrew Luck.

Carr confirmed the signing on his Twitter account, saying “now it’s done," and adding that the contract brings him closer to his dream of becoming a Raider for life.

A two-time Pro Bowler, the 26-year-old Carr was having an MVP-type year last season before he broke his leg in Week 16 against the Colts.

He finished last season with 3,937 passing yards and 28 touchdowns with just six interceptions. The Raiders made it to the playoffs for the first time since 2002 but without Carr, they didn’t’ stand a chance against the Houston Texans, losing 27-16 in the playoff opener.

The Raiders picked Carr in the second round of the 2014 Draft out of Fresno State. He immediately started, throwing for 3,270 yards and 21 touchdowns with 12 interceptions in his rookie year and followed it up with 3,987 passing yards and 32 touchdowns with 13 picks the next season. In his three years with the Raiders, Carr has thrown for 11,194 yards, 81 touchdowns, and 31 interceptions.

Carr’s reign may be short-lived

According to Kevin Patra of NFL.com, Carr’s contract will open up opportunities for other quarterbacks such as Matthew Stafford of the Detroit Lions, Kirk Cousins of the Washington Redskins and Aaron Rodgers of the Green Bay Packers.

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Patra said Carr’s contract has given his three fellow signal-callers a higher baseline to use while negotiating with their respective teams.

Kirk Cousins has given Redskins until July 17 to deal

Cousins, who will play under the $23.94 million franchise tag in the coming season, has given the Redskins until July 17 to sign him to a long-term deal. The Redskins now have two options – let Cousins play out the year and hit free agency or tag him for a third time at $34 million in 2018.

Rodgers, for his part, signed a five-year, $110 million contract extension with the Packers in 2013 and is due for a fresh deal that will give him a significant salary increase. Rodgers recently said that a new contract "usually takes care of itself” but he noted that the Packers were "$20 million under the cap," hinting that the team could give him a salary hike before the deal expires.