What It Means:

The deal includes $22 million guaranteed. Despite a checkered injury history, Reed has established himself as one of the most dynamic passing weapons in the league. He caught 87 passes for 952 yards and 11 touchdowns in just 14 games last year. After adding Josh Doctson in the first round of the draft, Washington has now locked up Reed for the foreseeable future. Kirk Cousins has to be loving this.

Among tight ends to see at least 40 targets in 2016, Reed checked in eighth in Reception Net Expected Points per target. He will probably live up to this contract if he is able to stay on the field, but Reed has a long and concerning history of concussions. In dynasty formats, he may be an ideal sell-high candidate right now.