The Falcons have signed Julio Jones to a five-year contract extension, the team announced Saturday before its preseason game against the Dolphins.

Jones, 26, will receive $71.25 million over the life of the deal, with $47.5 million guaranteed, sources told ESPN's Chris Mortensen.

Rex Grossman has signed with the Atlanta Falcons and will compete for their backup quarterback job.

Grossman joins T.J. Yates and Sean Renfree in the competition for the No. 2 QB role behind Matt Ryan.

Grossman hasn't thrown an NFL pass since 2011.