NFL quarterback Aaron Rodgers became the highest-paid player in the league on Friday after signing a five-year, $110 million contract extension.

The Green Bay Packers locked in their franchise quarterback for the next seven years with Friday's extension to his current contract. Rodgers will earn $40 million in 2013 alone and average $22 million each season, NFL.com reports.

"I'm very thankful to the organization for making this happen," Rodgers said. "I'm excited about the opportunity they've given me to finish out my career in Green Bay-seven more years left on my deal-and excited about the prospects we have here in Green Bay."

His $22 million annual average makes him the highest-paid player in the NFL, topping Baltimore Ravens' Joe Flacco and his $20.1 million per year average. Maybe the best news for Green Bay fans is that Rodgers will never count for more than $21 million each year in salary cap space, allowing the Packers to re-sign players and build in free agency. 

Green Bay selected Rodgers 24th overall in the 2005 draft. Rodgers took the starting mantle from Brett Favre in 2008 and never looked back. 

Since becoming a starter, Rodgers is 53-27. He led the Packers to a Super Bowl victory in the 2010 season and was the Super Bowl's Most Valuable Player. He's a three-time Pro Bowler and won in 2011 the NFL's Most Valuable Player award.

The 29-year-old threw for 4,295 yards and 39 touchdowns to only eight interceptions last season, helping the Packers to an 11-5 season and playoff appearance. Rodgers has a career average 104.9 quarterback rating and has thrown a total of 171 touchdowns.

Rodgers' contract follows linebacker Clay Matthews' contract extension last week. The Packers are expected to focus next on signing nose tackle B.J. Raji to an extension.