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Marshawn Lynch, Seahawks reach agreement on contract extension, per report

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UPDATE: The Seahawks have made the Marshawn Lynch deal official. It's a two year extension that keeps Lynch in Seattle through 2017. As Jayson Jenks of the Seattle Times reports:

Lynch signed a two-year extension through 2017, the team announced Friday. Lynch's new deal is worth $24 million with $12 million guaranteed this season; that includes a $7.5 million signing bonus and $4.5 million in base salary. Lynch originally was scheduled to make $7 million this season. Lynch, who will be 29 this season, also could make $9 million in 2016 and $10 million in 2017 under the terms of the deal, but that money isn't guaranteed, and it's possible that either Lynch or the Seahawks could decide to part ways after the 2015 season.

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The Seahawks and Marshawn Lynch have reached an agreement for a contract extension, reports Adam Schefter, and Lynch and his Agent, Doug Hendrickson, are currently en route to Seattle to put pen to paper. This puts to bed (pending the drying of ink) any worries that BeastMode would ride off into the sunset and retire.

It had been reported that Lynch and the Seahawks had agreed in principal to a new deal back at the NFL Combine, but Lynch's agent poo-pooed that report, likely looking for a little boost in leverage. At the time, there was some consensus on the approximate monetary value of the Seahawks' offer, with CBSSports' Jason La Canfora and Yahoo Sports!' Rand Getlin giving nearly same dollar amount. Per Getlin, at the time:

The Seattle Seahawks have offered running back Marshawn Lynch a multi-year deal that would pay between $11 million and $12 million during the first year and $9 million during the second of what could end up being a three-year deal, according to multiple league sources.

Right now, we wait for official confirmation on the deal being signed, but all signs point to Lynch playing again in 2015, which is great news for the Seahawks' front office and coaching staff.

Per ProFootballTalk's Mike Florio, it's a three-year deal with a big signing bonus up front. The signing bonus can be prorated for three years against the cap ($2.5M per year).

Lynch gets $12 million this year, in the form $7.5 million signing bonus and a $4.5 million fully-guaranteed base salary.

In 2016, Lynch (if he plays) will get a base salary of $9 million. In 2017 (if he plays), it's a base salary of $7 million in 2017 along with a $3 million roster bonus due on the fifth day of the 2017 league year.

If Lynch retires after 2015, he'd be responsible in theory for paying back $5 million of the signing bonus. But the Seahawks wouldn't be required to pursue the money.

Because the signing bonus is prorated, if Lynch retires, in theory he'd owe the team two years of that bonus money ($5M). But, the team wouldn't likely look to recoup it.