The Atlanta Falcons and star wide receiver have agreed to a five-year extension worth $71.25 million with $47.5 million guaranteed, according to reports.

The team’s official Twitter account confirmed the deal, and ESPN reported the figures of the new contract.

Atlanta made the announcement hours before their preseason game against the Miami Dolphins. Jones also took to Twitter and thanked the Falcons for his new deal, which will pay him about $14.25 million per year from 2015 to 2020. Jones is now the second highest paid wide receiver on the yearly average of contracts.

Only Detroit Lions WR Calvin Johnson, who earns over $16.2 million annually, will get paid more than Jones among all NFL wide receivers. The 26-year-old Jones has been with the Falcons since 2011, when he was drafted in the first round of the draft or the sixth overall selection of the team.

In the last four seasons in Atlanta, he was named to two NFL Pro Bowl squads, in 2012 and 2014. Jones, who is considered one of the top wide receivers in the NFL, had 1,593 receiving yards on 104 catches with six touchdowns last season.

The Falcons lost to the Dolphins, 13-9 in their preseason game on Sunday with Jones not suiting up for his team.

Earlier in the offseason, various reports claimed that there were no contract extension talks between Jones and the Falcons as the wide receiver was entering the final year of his previous deal worth about $16.2 million over four years.