Patrick Peterson and the Arizona Cardinals have agreed upon a five-year contract extension worth as much as $70 million.

The deal contains $48 million in guaranteed money and makes Peterson the NFL's highest paid cornerback.

The deal will surpass extensions signed recently by the Cleveland Browns' Joe Haden (five years, $68 million) and Seattle Seahawks' Richard Sherman (four years, $56 million).

Peterson, who was selected fifth overall in 2011, became the first member of that highly successful first-round class to sign an extension.