You knew Cam Newton's pay day was coming.

ESPN is reporting that the star quarterback and Carolina Panthers have reached a five-year contract extension worth $103.8 million that will keep him with the franchise through the 2020 season.

"I'm thankful this opportunity came and it's over with," Newton told reporters during a press conference Tuesday afternoon to announce the extension. "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."

About plans to celebrate the lucrative contract, he added: "I'm going to pop a couple of milk carton bottles with Lucky Charms, a little bit of Cinnamon Toast Crunch added and get ready for practice [Wednesday]." 

Increasing Newton's market value were recent quarterback deals such as the $96 million the Miami Dolphins gave Ryan Tannehill, the San Francisco 49ers inked Colin Kaepernick to a $126 million deal and the Cincinnati Bengals locked up Andy Dalton with a six-year, $115 million contract.

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Newton's overall record is 30-31-1 and 1-2 in the playoffs. According to the Elias Sports Bureau, Newton's 33 rushing touchdowns are the most by any QB in his first four NFL seasons.

Last season, Newton's Panthers clinched the NFC South division despite a losing 7-8-1 record. They made the most of their playoff appearance, though, scoring a 27-16 wild-card win over the Arizona Cardinals before losing to the eventual NFC champion Seattle Seahawks 31-17 in the divisional round.

Newton threw for 3,127 yards and 18 touchdowns while rushing for another five scores.

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(Photo: Streeter Lecka/Getty Images)