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Floyd gets $5.25 million guaranteed

Tennessee Titans v San Diego Chargers

SAN DIEGO, CA - SEPTEMBER 16: Wide Receiver Malcom Floyd #80 of the San Diego Chargers runs after the catch against the Tennessee Titans on September 16, 2012 at Qualcomm Stadium in San Diego, California. (Photo by Donald Miralle/Getty Images)

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Last week, the Chargers prevented receiver Malcolm Floyd from hitting the free-agent market in March 2013 by signing him to a three-year extension, which puts him under contract through 2015.

Per a source with knowledge of the deal, Floyd received $1 million to sign, along with a fully-guaranteed base salary of $1.5 million in 2013 and a fully-guaranteed base salary of $2.75 million in 2014.

It adds up to $5.25 million in fully-guaranteed money.

As a practical matter, it means that Floyd is certain to receive the balance of his $2 million base salary in 2013, and he’s highly likely to receive a non-guaranteed option bonus of $2.75 million in 2013.

In 2015, Floyd is due to earn a $3 million base salary. He’s also eligible for a $500,000 workout bonus in 2015.