The Arizona Cardinals and former 2011 first-round draft pick Patrick Peterson have agreed to a five-year contract extension worth $70 million. The Pro Bowl cornerback will receive $48 million in guaranteed money and is now the highest paid player at his position in the NFL.

On Wednesday morning the Cardinals pulled the trigger and signed Peterson for the long-term after contract extension talks became more frequent after the team's training camp opened on Friday. With the new contract, Peterson is signed through 2020 and his deal exceeds both Cleveland's Joe Haden (five years, $68 million) and Seattle's Richard Sherman (four years, $56 million) who also signed extensions in the offseason which made them (temporarily) the highest-paid corners.

Peterson, the fifth overall draft selection of the Cardinals in 2011, attended Louisiana State University for three years where he amassed 104 solo tackles, seven interceptions, and four touchdowns (two as a punt returner). Although his college stats don't reveal his best attribute, Peterson is known as a shutdown cornerback, and his skills have translated tremendously well to the NFL. He appeared in every game since being drafted and has recorded four punt return touchdowns, 12 interceptions (which rank third since 2011), 151 tackles, and nine fumble recoveries.

The 24-year-old has been a star on one of the league's best defenses, which held their opponents to 233 passing yards, 84.4 rushing yards, and only 13.8 points per game in 2013. Peterson benefits from the NFL's best run defense and he has done nothing but impress since taking over at cornerback full-time. Arizona knew the importance of getting Peterson under contract because they're competing in a division with two of the league's best teams in the San Francisco 49ers and the reigning Super Bowl champion Seattle Seahawks. With a 10-6 record last year, the Cardinals showed they are capable of competing and need to maintain their stars to ensure their future success.

Peterson is a three-time Pro Bowler and two-time All-Pro who tied the NFL record for punt returns during his rookie season with four. His versatility has allowed the Cardinals to use him on offense, defense, and special teams, but now that so much money is being invested in him, it's likely he'll be strictly playing defense while only returning punts/kicks in the event of an emergency.

The Cardinals open their preseason schedule on August 9 against the Houston Texans. You can read more about Patrick Peterson's record contract in this ESPN article.

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