The Buffalo Bills and quarterback Josh Allen reportedly have reached an agreement on a new record-setting six-year, $330 million contract, according to Adam Schefter of ESPN.

The deal includes $250 million guaranteed, which is the largest ever given to an NFL player. Allen had four years left on his prior contract, but he and the Bills still worked out a new historic deal.

Allen has been one of the best quarterbacks in the NFL for years, helping the Bills make deep playoff runs. They have not gotten over the hump to make a Super Bowl yet, but have been close on multiple occasions. This past season was perhaps the closest the Bills have gotten, as they had the ball with a chance to score and beat the Kansas City Chiefs in the AFC Championship Game. Ultimately, Kansas City got a stop to beat Buffalo in the playoffs once again.

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It has been an active weekend of transactions in the NFL, with the Las Vegas Raiders' trade for Geno Smith with the Seattle Seahawks and Myles Garrett's historic extension with the Cleveland Browns headlining a long list of transactions. Allen's deal is a reminder of the value that quarterbacks have to teams, as he will be locked in with the Bills for a long time.

Allen's deal comes out to $55 million from an average annual value standpoint, which is in the same range as many other top quarterbacks who have signed extensions recently. Allen, however, is simply a better quarterback than others who have signed at that type of number. Dak Prescott has the highest AAV for a quarterback at $60 million. The guaranteed money was seemingly the key benchmark to get this deal done.

Now, the Bills will turn their focus to improving their roster as NFL Free Agency will start this week. The moves the Bills make in the coming days could heavily impact their chances of competing for a championship in 2025.