Seattle Seahawks quarterback Russell Wilson  has reportedly signed a four-year, $87.6 million contract extension with the team, according to Peter King of Sports Illustrated. King reported the deal included a $31 million signing bonus, and $60 million guaranteed.

The talks between the two sides had been lengthy, and it often appeared as though they wouldn't reach Friday's 1 p.m. ET deadline. 

On July 30, Ian Rapoport of NFL.com reported that while the two sides were working toward a deal, there was some "pessimism" over whether a deal would get done before the deadline. However, Pro Football Talk reported there was belief that a deal would get done within the next 48 hours.

On July 28, Mike Florio of Pro Football Talk reported the Seahawks' offer of $21 million per year only referred to the "new money" on the deal, making the actual average value of the offer only $17.1 million, contrary to previous reports.

He noted that if this were the case, the two sides were further apart on a deal than previously believed, and Wilson would be likely to play the 2015 season without a new contract. 

Florio reported on June 27 that Wilson wanted a significant chunk of his new contract to be guaranteed money, more than what a veteran contract typically receives. Florio broke down why this was a problem in negotiations: 

It’s become a stumbling block not because of the guarantee itself but because of the league’s funding rule, which requires almost every penny of any future payments guaranteed for skill, injury, and cap to be paid into escrow upon signing. While Seahawks owner Paul Allen, the richest of the very rich men who control NFL franchises, can afford to put the money aside ahead of time, multiple sources tell PFT he doesn’t want to.

Wilson said on June 2 that he hopes to be with the Seahawks "for a long time" and that a deal can get done prior to training camp, though he is prepared if the sides fail to reach an agreement prior to that date, according to Gregg Bell of the News Tribune.

Prior to his new deal, Wilson was making markedly less than some of the contemporaries in his draft class, as Spotrac pointed out:

Spotrac @spotrac

The top 47 picks from the 2015 draft have already earned more than Russell Wilson has in 3 years w/ the #Seahawks ($2.198M)

Ultimately, the deal is smart for both sides. Wilson gets the money he wants and deserves, and the Seahawks lock up their franchise quarterback for years to come, helping to keep the strong nucleus of a Super Bowl champion team intact.