The Carolina Panthers has officially announced that quarterback Cam Newton has signed a five-year extension with the team.

Newton now ranks third in the list of highest-paid quarterbacks in the league with his rumored $103.8 million contract or an average annual salary of $20.76 million, according to ESPN's source. Pittsburgh Steelers' Ben Roethlisberger's $21.85 million average salary per year is in second place, while Green Bay Packers' Aaron Rodgers tops the list with $22 million.

The source also told ESPN NFL insider Adam Schefter that the contract comes with a $60 million guaranteed payment, and $67.6 million of the whole amount may be available for Newton in the first three years.

Panthers general manager Dave Gettleman felt that Newton is their key to winning a Super Bowl in the near future. "We believe he'll take us to the Promised Land," Gettleman said on Tuesday, the day of the contract-signing.

Gettleman was asked why the Panthers management thought Newton would deliver them the Vince Lombardi trophy. "Because he keeps getting better. He make splays under pressure. He won his first playoff game. Cam's growing and we're growing. This is a younger team and it's growing with him. He continues to ascend. And I still believe there is plenty of room left," he said.

Despite having only one playoff win in four seasons playing with the Panthers, Newton impressed Gettleman with his strong will. Gettleman knew that Newton is "special" just by looking at how the player handled his challenges in the past. Newton recovered from his ankle surgery in 2014. He also figured in a car accident in December, fracturing his lower back.

Huge Contract, Great Expectations

The 26-year-old star is grateful to be given the chance to play for the team once more. However, the QB, who posted 3,127 passing yards last season, stated that all he wanted to do is to get out on the field and play, especially since a lot of people are anticipating great things from him.

Panthers head coach Ron Rivera has faith in Newton's impressive skills.

"Who he is and what he is is exactly what we want. He's getting paid this money not to be something that he's not. He's being paid for what we believe he is, and that's our franchise quarterback... I'm like Dave. I'm very confident in his ability and very confident that we believe, as Dave said, to the Promised Land, " Rivera told the press.

Russell Wilson Aiming to get above $20M annual salary?

Meanwhile, Seattle Seahawks' QB, Russell Wilson, who has one year remaining on rookie contract, is still negotiating a deal with his team. When asked by The Seattle Times if he is aiming for a $20M salary, he expressed that he'd rather keep the issue private.

"I'm not going to talk money, that's one of those things, I'm not going to talk about anything like that. It's between me and my lawyer, Mark Rodgers, and the Seahawks," the 26-year-old Seahawks' quarterback said.

Jason Fitzgerald of OvertheCap.com is assuming that Newton's deal will help Wilson secure a huge contract for himself, since he is a "more accomplished" player than Newton.

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