JACKSONVILLE, Fla. -- The Jacksonville Jaguars and Pro Bowl pass rusher Josh Allen reached agreement Wednesday on a five-year, $150 million contract that includes $88 million guaranteed, sources told ESPN's Adam Schefter.

Allen had received the franchise tag from the Jaguars and was set to make $24 million in 2024 if he played on that tender.

The Jaguars in March put the franchise tag on Allen, 26, who is coming off the best season of his career with a franchise-record 17.5 sacks, tied for second in the NFL last season.

He ranks sixth in pressures (228) and is tied for 10th in sacks (32) in the NFL over the past three seasons. Allen's 45 sacks are second on the team's career list, trailing leader Tony Brackens by 10 (55).

The Jaguars picked Allen seventh overall in 2019 and he had 10.5 sacks as a rookie playing alongside Calais Campbell (who had the previous single-season franchise record with 14.5 sacks in 2017) and Yannick Ngakoue. A knee injury limited him to eight games in 2020 and he had 7.5 sacks in 2021 and 7.0 in 2022.

Jaguars general manager Trent Baalke did not offer Allen a contract extension after the 2022 season, essentially giving Allen a prove-it season in 2023 while he played on the fifth-year option in his rookie contract. He responded with one of the best seasons by a defensive player in franchise history.

Allen is now just the third of the Jaguars' 14 first-round draft pick from 2008 to 2020 to sign an extension with the team, joining defensive tackle Tyson Alualu (2010) and quarterback Blake Bortles (2014).

The rest were either traded, cut or suspended before their rookie contracts expired or played out their rookie contracts and were not re-signed. Considering that 12 of those 14 players were drafted in the top 10 -- including six in the top five -- it's not hard to figure out why the Jaguars have had just three winning seasons and two playoff appearances in that span.