Source: Pack reach 1-year extension with Love

The Green Bay Packers and quarterback Jordan Love have agreed on a one-year contract extension worth up to $22.5 million, including $13.5 million fully guaranteed, a source told ESPN's Adam Schefter on Tuesday.

The extension comes before the deadline for teams to exercise the fifth-year option on players taken in the first round of the 2020 draft.

Love would have been guaranteed roughly $20 million for the 2024 season if the Packers had exercised the option. The extension guarantees less money but gives Love the chance to make more money in total.

Love will take over as the Packers' starter this season after the team traded longtime starter Aaron Rodgers to the New York Jets last week.