ESPN has just reported that a contract has been finalized that will pay him $27 million in "new money" through 2012.

The contract calls for roughly $16 million in guarantees.

In comparison, top Free Agent WR TJ Houshmandzadeh got about $1 million less from the Seattle Seahawks in annual salary then Jennings is receiving.

Extending Jennings keeps intact one of the top WR combos in the NFL along with Donald Driver. Driver has topped the 1,000 yard mark six times over the past seven seasons.

Jennings' was set to become a Free Agent after the 2009 season and likely would have garnered an even larger contract on the open market.