On Wednesday, both the Jacksonville Jaguars and Detroit Lions opened up their pocketbooks to reward key players with lucrative contract extensions. The Jaguars paid linebacker Telvin Smith, who was in the final year of his rookie contract. Detroit decided to reward kicker Matt Prater, who was in the last year of his original contract with the team.

Jaguars lock up Telvin Smith

Last night, the Jacksonville Jaguars announced that they had agreed with linebacker Telvin Smith on a four-year extension to keep him with the team through 2021. A source revealed to ESPN's Adam Schefter that Smith's new extension is worth $50 million.

In the news release announcing the deal, Jaguars' executive vice president of football operations Tom Coughlin stated that “Telvin has been a productive player and an important part of our defense, and he has earned this second contract.” For his part, Smith said, “I am honored to be a part of that culture and help continue to lead this team in the right direction.”

Through seven games this season, Smith leads the team in total tackles with 58. He also has recorded one sack, one forced fumble, one fumble recovery, two interceptions and a defensive touchdown. Since being drafted in the fifth-round in 2014, Smith has played in 53 games, starting 46 of them. He has recorded 408 total tackles, six sacks, six interceptions, four forced fumbles, four recovered fumbles and two defensive touchdowns in that time.

Lions extend Matt Prater

NFL Network's Ian Rapoport reported that a source told him that the Detroit Lions had locked up kicker Matt Prater to a three-year extension. His new deal is worth $11.4 million and has he can earn up to $12.15 million.

This is Prater's fourth season with the Lions after he signed with them during the 2014 season after being cut by the Denver Broncos.

In 49 games with the Lions, he is 84-of-98 (85.7 percent) on field goals and 259-of-261 (99.2 percent) on extra points. He has also been clutch for the team, as he has never missed a potential game-winning or game-tying field goal in the final four minutes of a game since he got to Detroit, according to MLive.com's Kyle Meinke.

Prater has also been money from long distance with the team, going 19-of-24 (79.2 percent) on kicks 50 yards or longer. In his entire 11-year career, he is 226-of-272 (83.1 percent) on field goals. He has made the Pro Bowl twice, in 2013 with the Broncos and last year with Detroit.