Cincinnati Bengals quarterback Joe Burrow secures the NFL's highest-ever yearly average salary

with a groundbreaking five-year, $275 million contract extension.

The news, initially reported by ESPN's Adam Schefter, is based on insider sources and marks a significant milestone in NFL salary history.

Joe Burrow's extension will pay him a staggering $55 million per year, with a jaw-dropping $219.01 million guaranteed, as confirmed by Schefter.

CNN has reached out for comments from both the Cincinnati Bengals organization and Joe Burrow's representatives.

Burrow's annual salary of $55 million eclipses the previous record held by Justin Herbert,

the Los Angeles Chargers' quarterback, who averaged $52.5 million per year, according to salary tracking site Spotrac.