Rivers Extended 6 yrs, 92 mil

The San Diego Chargers announced that quarterback Philip Rivers today signed a contract extension through 2015.

“This is a good day for the Chargers and Chargers fans,” said team President Dean Spanos.  “Philip has proven he has all of the necessary qualities to be a successful quarterback in the NFL.  He’s a proven winner and an unquestioned leader for this football team.”

General Manager A.J. Smith: “We feel Philip is an outstanding player with a very bright future.  It’s a great feeling knowing he will be with us for many years to come.”  – Chargers.com

The extension is for six years and is worth $92 million, a source told ESPN.com. About $38-39 million is guaranteed. More importantly, the deal will keep Rivers off the free-agent market next spring, and will preclude the Chargers from having to exercise a franchise designation to retain him. The extension comes amid reports that the Chargers would have a difficult time reaching an extension accord with Rivers, a first-round choice in the 2004 draft.  – ESPN.com

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