BUFFALO, N.Y. -- The Bills have rewarded NFL MVP Josh Allen with a record-setting six-year, $330 million contract through the 2030 season that includes $250 million guaranteed, sources told ESPN's Adam Schefter on Sunday.

It's the largest guaranteed total given to an NFL player, surpassing the previous mark of Cleveland Browns quarterback Deshaun Watson, who received $230 million guaranteed.

Allen, who was previously signed through 2028, will be 34 years old when the final year of this extension begins. The extension takes Allen from the 14th-highest average annual value among quarterbacks ($43 million) to tied for second ($55 million). Only Dallas Cowboys quarterback Dak Prescott has a contract with a higher average annual value ($60 million).

"I love Josh and so proud of what he's done, and so, I could be here all day talking about how great he is and what he's done for our team and where he belongs in the pecking order of all that stuff," general manager Brandon Beane said at the end of the 2024 season. "He and I have a great relationship. We talk a lot. When the dust settles, before we're ever really talking to his agent or his agents calling me, like, Josh and I will have those conversations [about a potential extension], holistically about the team, things like that. And I'm not saying it will happen, I'm not saying it won't happen. ... There'll be a time and place, and not saying we will, but not ruling it out either."

Allen became the first player in NFL history to record at least 25 touchdown passes and 10 touchdown runs with fewer than 10 interceptions in a season. He finished with 28 touchdown passes, 12 rushing touchdowns and 6 interceptions.

Allen has accounted for 260 touchdowns in his career via passing or rushing, the most in a player's first seven seasons in NFL history and 29 more than the next-closest player, Patrick Mahomes.

Improving turnovers was a focal point for Allen heading into the 2024 season, and he responded with the lowest number in a season for his career (eight). That went a long way toward the Bills' success as they won their fifth consecutive AFC East title.

Allen also took a step forward in leadership in 2024, after an offseason of transition, by serving as one of two team captains.

"Josh Allen's leadership, his consistent leadership, was the biggest reason why we did what we did this season. So, anybody that tries to say otherwise, I know better," coach Sean McDermott said at the end of the season. "I've seen it, and him now doing that every season for us, not an easy undertaking."

Allen's play and leadership "went hand in hand," McDermott said.

"He continues to do that, we're going to win a lot of football games."

Allen became the team's third player to be voted MVP, joining Thurman Thomas (1991) and O.J. Simpson (1973).

Since entering the league in 2018, Allen has 65 rushing touchdowns -- 10 more than the next closest quarterback (Jalen Hurts). Allen has accounted for at least 40 touchdowns (passing or rushing) in five straight seasons, the longest streak in NFL history. No other player has done that in four straight seasons, and only Aaron Rodgers has had more such seasons (six).

Allen will go into 2025 with consistency, as coordinator Joe Brady enters his second full season in the role. Allen is coming off his second AFC Championship Game appearance and going into his eighth season looking for his first Super Bowl appearance after going 0-4 against the Kansas City Chiefs and Mahomes in the postseason.

"We're going to continue to turn every stone over and cross the T's, dot the I's and do whatever we can to try to bring a Lombardi back here to Western New York," Allen said at the end of the season.

The extension tops a slew of recent new deals for Buffalo players: defensive end Greg Rousseau reached a four-year, $80 million contract; linebacker Terrel Bernard got a four-year, $50 million contract; and receiver Khalil Shakir agreed to a four-year, $53 million extension.

Allen, the No. 7 pick in 2018 out of Wyoming, became the first player in 21 seasons to win MVP without being selected first-team All-Pro. Since MVP was first awarded in 1957, the only other players to win despite not being a first-team All-Pro were Broncos quarterback John Elway (1987, when Joe Montana was first-team All-Pro) and Titans quarterback Steve McNair (2003, Manning).