The Carolina Panthers are putting the fate of their franchise in quarterback Cam Newton's hands as both sides agreed to a huge five-year, $103.8 million extension despite the first-overall pick in the 2011 NFL Draft only having one playoff win in four seasons with the team.

"I'm thankful this opportunity came and it's over with. Now that I can focus on playing football and getting the Carolina Panthers to the Super Bowl and winning the Super Bowl, it puts me somewhat in cruise control at the moment," Newton said according to ESPN.

Meanwhile Panthers general manager Dave Gettleman said after Newton signed the deal, "We believe he'll take us to the Promised Land."

The 26-year-old's extension contract makes him the third highest-paid quarterback in the NFL.

In a report by ESPN, Gettleman said it only took 11 days to negotiate the extension deal which has a guaranteed $60 million.

NFL Insider Ian Rapoport explained that the guaranteed money includes $31 million in the first year of the deal and according to ESPN NFL insider Adam Schefter will earn Newton $67.6 million in the first three years.

The extension deal also has a $22.5 million signing bonus, a $7.5 million roster bonus and a $1 million base salary which totals to $31 million for the 2015 season, ESPN reported.

Newton's new deal just puts him behind the highest paid quarterbacks in the NFL who already have won a Super Bowl, a feat he has not achieved yet.

"I've never been the type to compare and contrast wages more so [than] comparing and contrasting the most important stat of all of sports, and that's wins and losses," Newton said according to ESPN.

"I know I'm nowhere where I want to be right now, but yet that gives me more drive to get to where I want to be ... sooner rather than later," he added.