COSTA MESA, Calif. (AP) — Keenan Allen has signed a four-year extension with the Los Angeles Chargers that will make him the league's second-highest paid receiver in average money.

A person familiar with the deal says it is worth $80.1 million with $50 million guaranteed. The person spoke to The Associated Press on condition of anonymity because financial terms were not released by the Chargers on Saturday.

It has been a busy preseason for general manager Tom Telesco. The Chargers came into training camp with comfortable salary cap space and have used that to extend their top players. They started camp by signing defensive player Joey Bosa to a five-year extension that made him the NFL's highest-paid defensive player at $135 million. They also guaranteed defensive end Melvin Ingram's $14 million salary for the upcoming season.

"Want to thank the organization..Tom Telesco especially for giving me a opportunity! Super juiced about this," Allen said on his Instagram account.

Allen is going into his eighth season and has made the Pro Bowl each of the past three seasons. He had 104 receptions last season, breaking his own franchise record for single-season catches. He tied for the AFC lead in catches and was second in yards (1,199).

The 28-year old Allen, New Orleans’ Michael Thomas and Arizona’s DeAndre Hopkins are the only players in the league with more than 300 catches and 3,700 yards receiving over the past three seasons.

Los Angeles moves into SoFi Stadium in Inglewood this season and is looking to bounce back from a disappointing 5-11 season after making the playoffs in 2018. The Chargers open the season on Sept. 13 at Cincinnati.

NOTES: Safety Derwin James was placed on injured reserve as the Chargers made roster moves to get down to the 53-man roster limit. He will miss the season after having surgery for a meniscus tear in his right knee. .... Trent Scott, who started nine games at offensive tackle last season, was among the 26 players who were released. Other notable cuts include WR Darius Jennings and OG Ryan Groy. ... An undrafted free agent did not make the initial roster for the first time since 2007.

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