JACKSONVILLE — Trevor Lawrence is getting paid more for his potential than his performance.

Lawrence and the Jacksonville Jaguars agreed Thursday to a five-year, $275 million contract extension that makes him one of the highest-paid quarterbacks in NFL history, according to a person familiar with negotiations.

Lawrence’s deal includes $142 million fully guaranteed and a $37.5 million signing bonus, said the person who spoke to The Associated Press on condition of anonymity because neither side had announced the contract publicly.

Lawrence will get an average of $55 million annually during the deal, tying him with Cincinnati’s Joe Burrow for the most in NFL history.

The lucrative bump comes nearly a month after Detroit gave Jared Goff a four-year extension worth $212 million that made him the second-highest paid quarterback in the league. Goff’s average salary is $53 million.

Lawrence is now the sixth QB making more than $50 million a year, joining Burrow, Goff, Justin Herbert of the Los Angeles Chargers, Baltimore’s Lamar Jackson and Philadelphia’s Jalen Hurts. Lawrence is the 14th to top $40 million annually, and he’s the youngest on the list.

Lawrence’s Performance and Potential

The 24-year-old is 21-31 as a starter in three seasons, including 1-1 in the playoffs, and has a whopping 60 turnovers in three seasons — a number he needs to trim to become the player the Jags believe he can be.

The Georgia native and former Clemson star has completed nearly 64% of his passes for 11,770 yards, with 58 touchdowns and 39 interceptions. He also has 11 rushing scores and 21 fumbles lost.

The Jaguars point to a 19-game stretch spanning the 2022-23 seasons in which Lawrence was at his best. He threw for 4,713 yards, with 29 TDs and 11 INTs, as Jacksonville went 14-5 during that span. General manager Trent Baalke and coach Doug Pederson believe it’s a glimpse of what Lawrence can do when healthy and humming.

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Lawrence’s Injury-Filled Season

But he’s coming off an injury-filled season that Baalke called “alarming.”

The top pick in the 2021 draft missed the first game of his professional career following a sprained right shoulder sustained in Week 16 at Tampa Bay.

Lawrence also missed significant practice time because of other injuries: a sprained left knee in Week 6, a sprained right ankle in Week 13 and a concussion in Week 15.

The injury woes played a part in the worst late-season collapse in franchise history. The Jaguars (9-8) dropped five of their final six games and missed the postseason after spending three months atop the AFC South.

Lawrence seemingly regressed because of the injuries. He threw for 4,016 yards, with 21 touchdowns and 14 interceptions. He also ran for four scores, lost seven fumbles and was sacked a career-high 35 times.

Offseason Moves to Support Lawrence

Baalke vowed to upgrade the team’s offensive line and responded by re-signing left guard Ezra Cleveland and adding veteran center Mitch Morse in free agency and then drafting a potential future starter with fourth-round pick Javon Foster out of Missouri.

Baalke also revamped Lawrence’s receiving group by replacing Calvin Ridley, Zay Jones and Jamal Agnew with first-round speedster Brian Thomas Jr., former Buffalo starter Gabe Davis and Devin Duvernay.

Those offseason moves could help Lawrence reach his potential and finally be the generational quarterback the Jaguars thought they drafted three years ago.