San Diego Chargers quarterback Phillip Rivers has agreed to a contract extension with the team, according to ESPN.com’s Len Pasquarelli and the Associated Press.

A source told ESPN.com the deal is for six years and i$92 million, with $38-39 million guaranteed. Rivers was set to become an unrestricted free-agent after the season, and the extension keeps the Chargers from having to use a one-year franchise tag on him that would have been in the $16 million range.

Rivers, 27, was entering the final year of the six-year, $40.5 million rookie contract he signed as the fourth overall selection in the first round of the 2004 NFL Draft out of N.C. State. Within an hour of being chosen by the New York Giants, he was dealt to the Chargers for Eli Manning who was the No. 1 overall choice in the draft. A lengthy and sometimes contentious negotiation ensued before a deal was finally reached.

Rivers became the starter in 2006 after backing up Drew Brees in his first two years, which led to Brees signing with the New Orleans Saints as a free agent.

He has started all 16 games in each of the past three seasons, including a career 2008 year in which he led the league in passer rating (105.5) and touchdown passes (34), and was fourth in the NFL in passing yardage (4,009 yards) along with just 11 interceptions. For his career, Rivers has thrown for over 10,000 yards, with 78 touchdown passes, 36 interceptions, and a passer rating of 92.9.

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Evan Knuckles is a staff author with the  Business of Sports Network. His main contribution is reporting on trades and signings for The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey.

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