(CBS) The Detroit Lions are investing in quarterback Matthew Stafford.

Big time.

The two sides have reportedly reached an agreement on a three-year contract extension worth $53 million dollars. With the new extension, the Lions have tied themselves to the 25-year-old former No. 1 overall pick through the 2017 season.

When added to the final two seasons of his rookie contract, reports indicated Stafford will now earn $76.5 million over the next five seasons – with $43 million fully guaranteed.

The former Georgia QB was set to hit the Lions salary cap at $20.8 million for the 2013 season. Now, however, bonus money should bring cap relief, giving the Lions freedom to work out a long-term deal with defensive tackle Ndamukong Suh.

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