Linebacker Cameron Wake and the Miami Dolphins reached agreement on a four-year, $49 million extension that includes $20 million guaranteed, a league source told ESPN NFL Insider Adam Schefter on Sunday.
Wake, who has one year and $650,000 left on his contract, had skipped the Dolphins' voluntary workouts at the end of April because he wanted a new contract.
Wake, who made the Pro Bowl in 2010 with 14 sacks, has been one of the few bright spots in Miami since the Dolphins signed him in 2009 out of the Canadian Football League, giving him $4.9 million for four years, including $1 million guaranteed.
Wake went undrafted out of Penn State and signed with the New York Giants, but he didn't make it to training camp. He amassed 39 sacks in two CFL seasons and was a two-time defensive player of the year.
The 30-year-old Wake has 122 tackles and 28 sacks in three NFL seasons.
Tough spot for the Dolphins to be in. He legitimately outperformed his contract and was deserving of a raise, but its always risky to give a guy on the wrong side of 30 $20 million guaranteed. Wasn't the biggest deal in the world so if he tanks they aren't up the creek, but I would love to see an analysis of how many of these moves pay off vs. how many tank.
Can't wait to see how they handle the Jake Long contract renewal. Could get ugly -- he'll want to be the top paid LT in the game, but with injury history the Dolphins will surely resist giving him that kind of money. There's also less money available for Long now that they did this deal with Wake.