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Greg Jennings Signs 3 Year Extension

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It's been known all offseason that the first order of business was agreeing with WR Greg Jennings on a new contract. He was scheduled to become a free agent after this season.

The job is done. It's a three-year extension for $27 to $30 million, with $16 million guaranteed. That is an outstanding deal for the Packers.

Bottom line; it's a reasonable contract that allows him to get paid like a top 5 receiver without a huge guaranteed commitment. He's had back-to-back great seasons and certainly deserves to be paid. The offense clearly moves up to another level when he is involved in the offense. And if he left in free agency, he would be impossible to replace.

First, it's an extension so the Packers still only pay him just over $500,000 in 2009. Obviously that's a bargain.

Second, $16 million in guaranteed money is about half of what Arizona guaranteed to WR Larry Fitzgerald last year.

Since it's only for three years, I'm guessing his agent expects Jennings can cash in on at least one more big contract after the extension expires. So keeping it at three years might be a big win for him.

Also, it puts him right at the top of wide receiver food chain:

Jennings would be behind Larry Fitzgerald of the Arizona Cardinals ($10 million) and Buffalo’s Lee Evans ($9.3 million). Jennings would be ahead of Seattle's T.J. Houshmandzadeh ($8 million), Dallas' Roy Williams ($7.8 million) and Houston's Andre Johnson ($7.5 million).

Antonio Bryant of the Tampa Bay Buccaneers will earn $9.88 million this season after he was designated as the team’s franchise player.

That is an interesting bunch of comparisions.