Dak Prescott has signed a new contract with the Dallas Cowboys just hours before their season opener against Cleveland.

The star quarterback and the Cowboys have agreed to a four-year, $240 million deal, making it the first contract in NFL history to average $60 million per season, according to a source with knowledge of the agreement, who spoke to The Associated Press on the condition of anonymity as the deal has yet to be officially announced.

The runner-up in the NFL MVP voting was entering the final year of his previous four-year, $160 million contract, which was a franchise record before this latest deal. The new contract reportedly includes $231 million in guaranteed money – $1 million more than the fully guaranteed contract Deshaun Watson signed with the Cleveland Browns two years ago.

Prescott has led the Cowboys to the playoffs in each of the past three seasons and five times in his first eight years. However, Dallas is still seeking a breakthrough in the postseason, having not progressed past the divisional round since their fifth Super Bowl victory, which capped off the 1995 season.

The 31-year-old has repeatedly expressed his desire to remain with Dallas and be the quarterback to lead the team beyond the divisional round for the first time in 29 years. Prescott will now have the opportunity to fulfil that ambition.