CINCINNATI -- The Bengals have picked up the fifth-year option for quarterback Joe Burrow, the team announced Tuesday.
The transaction comes ahead of the May 2 deadline for teams to exercise such options for the first-round picks in the 2020 class. According to projections by OverTheCap.com, Burrow's fifth-year option will land him $29.5 million in fully guaranteed money for 2024.
The move comes as the Bengals and Burrow have been engaged in discussions regarding a contract extension for the top overall pick in the 2020 draft.
"This is a mechanical step along the way and we will continue to work with Joe and his representatives to secure his long-term future as a Bengals," the team said in a statement.