Tua Tagovailoa signed a four-year, $212.4 million contract extension with the Miami Dolphins, Ian Rapoport of the NFL Network announced on Thursday. As part of the deal, the left-handed slinger will reportedly receive $167 million in guaranteed money.Tagovailoa will also become one of the highest-paid players in the NFL heading into the upcoming season. The Dolphins drafted Tagovailoa with the No. 5 pick in the 2020 NFL draft. Across four seasons with the team thus far, the signal-caller has racked up 12,639 passing yards and 81 touchdowns. He has also posted six rushing touchdowns across 53 games.Tagovailoa's contract extension with the Dolphins comes on the back of a fabulous last season with the franchise. Last season, he led the league in passing yards and earned his first Pro Bowl honor.Top 5 highest-paid NFL players in 2024 after Tua Tagovailoa's bumper contract extension with Miami DolphinsMiami Dolphins QB Tua Tagovailoa (Source: Imagn)#1. Joe Burrow ($55 million annual average value)Burrow signed a five-year, $275 million contract extension with the Cincinnati Bengals before last season. He became the first quarterback to hit $55 million in average annual value and remains the top in that category heading into the upcoming season.#2. Tua Tagovailoa ($53.1 million annual average value)Taguvailoa's new deal with the Dolphins will lift him to second on the list of highest-paid quarterbacks in the NFL before the upcoming season. The quarterback's lucrative contract has a $53.1 million annual average value.#3. Jared Goff ($53 million annual average value)Goff signed a four-year, $212 million extension with the Detroit Lions earlier this year, worth $53 million in annual average value. His deal was announced only a few months after leading the Lions to their first NFC championship game.#4. Patrick Mahomes ($52.65 million annual average value)After winning the second of his three Super Bowls in 2023, Mahomes restructured the 10-year, $450 million contract he initially signed with the Kansas City Chiefs in 2020. Mahomes' contract holds a $52.65 million annual average value with the restructured deal.#5. Justin Herbert ($52.5 million annual average value)Herbert signed a five-year, $262.5 million extension with the Los Angeles Chargers before entering the 2023 season. His contract makes him the fifth highest-paid player in the NFL this year, with a $52.5 million annual value.