BOSTON (CBS) — Jimmy Garoppolo is a wealthy man.

A historically wealthy man.

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The quarterback signed a five-year contract with the 49ers on Thursday, a deal that will pay him $27.5 million annually. The deal, reported by NFL Network’s Mike Garafolo, includes the highest annual salary in NFL history.

Matthew Stafford was the player with the highest annual salary, at $27 million.

Adam Schefter added details of the deal, which will pay Garoppolo close to $90 million in the first three years of the deal.

Of course, the details that emerge in the following hours and days will make the contract clearer, as the guaranteed money is what matters most. But it’s immediately obvious that the 49ers are fully invested in the former Pats backup quarterback.

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The 49ers acquired Garoppolo from the Patriots for a second-round pick in late October. Garoppolo spent his first month in San Francisco as a backup, before entering late in a loss to the Seahawks and throwing a touchdown pass.

Garoppolo then started the final five games of the 49ers’ season, helping to lead the team to a 5-0 record after the team had gone 1-10 to start the year.

In those five starts, Garoppolo completed 67 percent of his passes for 1,542 yards and an average of 8.76 yards per attempt. He threw six touchdowns and five interceptions in those five games.

In his career, he’s completed 183 of 272 passes (67.3 percent) for 2,250 yards (8.3 yards per attempt), 12 touchdowns, and five interceptions.

The contract is a remarkable vote of confidence in Garoppolo by John Lynch and the 49ers. When Stafford signed his contract that pays him $27 million annually, he had started 109 NFL games, thrown 4,285 passes and 187 touchdowns. Garoppolo has started seven games, thrown 272 passes and 12 touchdowns.

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But the price of quarterbacks continues to rise. Derek Carr signed a five-year deal that pays him $25 annually after completing his third NFL season, and Indianapolis signed Andrew Luck to a $140 million mega-deal after Luck’s fourth season in the NFL.