Charlotte, NC (SportsNetwork.com) - The Carolina Panthers announced on Tuesday that quarterback Cam Newton signed a new five-year contract extension.

Multiple reports indicate the pact, which is set to expire in 2020, is worth $103.8 million and includes $60 million guaranteed. Additional sources revealed the deal will pay Newton $67.6 million over the first three years, the most in league history for that span.

"I've said all along, Cam is our franchise quarterback and we are absolutely thrilled that we got the extension done," Panthers GM Dave Gettleman said. "It allows us to do the long-term planning that we need to do to make sure that he's surrounded with players and that we can continue to build this team."

Newton led the Panthers to a second consecutive NFC South title despite a 7-8-1 record and guided the club to their first postseason victory since 2005. He finished with 3,127 passing yards, 18 touchdowns and 12 interceptions over 14 games, while adding 539 rushing yards and five more TDs.

All of that came while the franchise exercised the fifth-year option on Newton's rookie deal, which extended that contract through the 2015 campaign.

"This extension shows the commitment we wanted to make to Cam as our franchise quarterback," Carolina head coach Ron Rivera said. "For me personally, he was the first draft pick we ever made and the first pick in 2011 so it continues to solidify that relationship we have with each other."

Selected with the first overall pick by the Panthers in 2011 out of Auburn, Newton has participated in 62 contests over his four-year NFL career. He has completed 1,144-of-1,923 passes for 14,426 yards and 82 scores against 54 picks. He has also rushed for 2,571 yards and 33 TDs.