Report: Packers Finalize Contract Extension for Greg Jennings

Update (June 24): Jennings' extension is officially done, according to a press release issued this afternoon by the Packers. No terms were released, other than that the deal is a "long-term" one.

The Green Bay Packers have developed a bit of a reputation. While general manager Ted Thompson has made clear through his actions (or lack thereof) that he doesn't like overpaying for free agents, he does like to reward his homegrown players with contract extensions.

While Nick Collins waits for his, wide receiver Greg Jennings is reportedly set to cash in.

Greg Bedard of the Milwaukee Journal Sentinel has more particulars on Jennings' deal, which runs through 2012.

Fox-TV 6 in Milwaukee, citing an NFL source, first reported the deal and said it would put Jennings behind Larry Fitzgerald of the Arizona Cardinals on the best-paid receivers list. That means Jennings would make between $10 million and $8 million annually.

Fitzgerald signed a four-year, $40-million contract last year. Tampa Bay's Antonio Bryant is next on the list at $9.88 million from his franchise tag. Seattle's T.J. Houshmandzadeh ($8 million), Dallas' Roy Williams ($7.8 million) and Houston's Andre Johnson ($7.5 million) follow.

For the Packers, this was a total no-brainer. From the start of the offseason, Jennings made clear his desire for a new contract, but also said he would not skip offseason workouts and would not hold out. In other words, the Packers had no good reason not to get a deal done. Jennings is a good player who has established himself as a real fan favorite in Green Bay.

As reports surfaced late Monday that a deal was close, Thompson himself acknowledged (vaguely) a desire to keep Jennings in the fold.

"He's a good player and he's a good guy. He always has been," Thompson said. "He was raised in a strong family and he seems to be pretty well-grounded. . . . He's an established player."

Jennings has already developed into a favorite target for quarterback Aaron Rodgers, and he should only improve as Rodgers gets more comfortable.