49ers' Brock Purdy gets $265 million contract update to give San Francisco its franchise QB

Finally, Brock Purdy's contract extension is done.

After weeks and weeks of speculation, the San Francisco 49ers have locked up their franchise quarterback for the foreseeable future.

The terms, reported by NFL Network's Tom Pelissero, are five years for $265 million.

Purdy will get $181 million in guarantees.

It completes an incredible rise from being chosen with the very last pick as Mr. Irrelevant in the 2022 NFL Draft out of Iowa State.

Purdy was already by far the best-ever last pick of the draft.

Now, he's also by far the richest.

MORE: Steelers reject $37 million QB decision

The annual average value of Purdy's contract, at $53 million, ties Jared Goff for seventh-highest in the NFL (on a list that is, of course, all quarterbacks).

The 49ers spent the offseason letting certain talent get away in anticipation of signing Purdy to a major deal.

This falls probably just above the midpoint of speculation, which centered around the $50 million AAV number for the last handful of weeks.

Now that Purdy has his payday, it's his job to turn around a 49ers team that struggled through injuries to a 6-11 season in 2024.

They're projected by Vegas to win the NFC West this season, so the expectations are already high.

Now that Purdy is being paid like a top-tier quarterback, it'll be his job to prove those expectations correct.

MORE NFL NEWS:

• Shedeur Sanders wildly compared to three different QBs
• Browns make massive Charles Woodson announcement
• Lions' Aidan Hutchinson gets key injury update
• Shilo Sanders reveals surprise role with Buccaneers
• Former star QB hints at comeback from retirement
• Giants wanted division rival's star QB instead of Russell Wilson