ENGLEWOOD, Colo. -- From the moment the Denver Broncos landed Russell Wilson in a franchise-altering trade this past March, general manager George Paton insisted that the team's goal was to sign the star quarterback to a long-term extension.

Paton and the Broncos achieved that goal Thursday, agreeing with Wilson on a five-year, $245 million extension that includes $165 million in guaranteed money, sources told ESPN's Adam Schefter.

The megadeal is the third-most lucrative contract in NFL history in terms of guaranteed money, behind only Browns quarterback Deshaun Watson's $230 million and Cardinals quarterback Kyler Murray's $189.5 million.

Wilson, 33, is now under contract with the Broncos through the 2028 season for $296 million. The extension pays Wilson, who has two years remaining on his previous deal signed with the Seahawks, an average salary of $49 million. He is set to make $24 million this season and $27 million next year before the extension kicks in.

Wilson, entering his 11th NFL season, previously had echoed Paton's hopes for a long-term deal with Denver, saying at the start of training camp that he wanted to be with the Broncos "for a long, long time, hopefully the rest of my career."

The Broncos traded five draft picks, including two first-round and two second-round selections, and three players to the Seahawks to acquire Wilson this past March -- seeking stability and stardom at the quarterback position, which has been a problem spot since Peyton Manning's retirement in 2016.

The formal arrival of the franchise's new ownership group -- the Walton-Penner group, led by Walmart heir Rob Walton -- only enhanced the Broncos' chances of getting the deal done with Wilson. The group's $4.65 billion purchase of the Broncos was formally approved Aug. 9 by the NFL owners.

The group that includes Walton's daughter, Carrie Walton Penner, son-in-law Greg Penner, Mellody Hobson, Condoleezza Rice and Lewis Hamilton, give the Broncos the wealthiest ownership group in the NFL.

Penner, now the Broncos' CEO, recently said it was "critical to have a great quarterback in this league, and coming in this organization with Russell in place is a tremendous benefit for us."

Wilson, who has stated that he intends to play another 10 to 15 years, said the ownership group is one that excited him for the team's future because of its "energy" and "commitment to winning."

Wilson's 292 career touchdown passes are the second most in league history for a quarterback in his first 10 NFL seasons, behind only Manning's (306). Tom Brady (324) and Aaron Rodgers (317) are the only two players with more touchdown passes than Wilson over the past 10 years.

Wilson, who quarterbacked the Seahawks to the only Super Bowl title in franchise history -- beating the Broncos after the 2014 season in Super Bowl XLVIII -- also has been a consistent winner in his NFL career. His 113 wins as a starting quarterback (regular season and postseason combined) are the most for any NFL player in his first 10 seasons.

Wilson's Broncos debut will be a homecoming of sorts on Sept. 12 when Denver visits Seattle on Monday Night Football.

The Broncos have not been to the playoffs since their Super Bowl 50 win and have had a turnstile behind center, with 10 different starting quarterbacks over the last six seasons. An 11th player -- running back Phillip Lindsay -- started a game in 2020 when the Broncos were without three quarterbacks, including then-starter Drew Lock, because of COVID-19 protocol violations.