Rhamondre Stevenson is no longer entering the final season of his contract with the New England Patriots.

ESPN's Adam Schefter reported Thursday the AFC East team agreed to a four-year, $36 million extension with the running back. The deal features $17 million in fully guaranteed money.

NFL Network's Ian Rapoport provided more details on the financial aspect of the extension and noted Stevenson will receive an $8 million signing bonus plus the chance to make up to $12 million in incentives if he can reach 1,400 yards and become a Pro Bowler or All-Pro selection.

Here is the complete breakdown:

According to Over The Cap, the Patriots have $45.7 million in team cap space.

That the two sides were able to come to terms on a deal is far from surprising.

After all, Stevenson told reporters earlier this month, "Yeah, it's pretty close," when discussing an impending contract extension.

New England selected Stevenson with a fourth-round pick in the 2021 NFL draft, and he quickly established himself as an important contributor with 729 yards from scrimmage and five touchdowns. But it was his second year in 2022 when he enjoyed a breakout and became a featured back.

He posted 1,040 yards and five scores on the ground to go with 69 catches for 421 yards and one touchdown as a receiver. His ability to impact the game in multiple ways made him particularly valuable in today's NFL and allowed him to stay on the field more often.

Yet the 2023 campaign was somewhat disappointing from an individual perspective, as he saw his yards per carry drop from 5.0 to 4.0 while tallying 857 yards from scrimmage. That was well below the 1,461 he had the previous year, although he was limited to just 12 games.

Stevenson is still just 26 years old and figures to be a go-to option in the offense. He can also be a veteran leader as the team undergoes a transition from the Bill Belichick era to one with Jerod Mayo as the head coach and rookie Drake Maye as the quarterback.

This extension means he and Maye can establish some continuity for the foreseeable future as the quarterback adjusts to the NFL level.