ORCHARD PARK, N.Y. -- Ryan Fitzpatrick doesn't intend to shed his scraggly beard or lose his large collection of T-shirts after signing a contract extension on Friday that secures him as the Buffalo Bills franchise quarterback.

Given how much he'll be making and his new high-profile status, Fitzpatrick might have a hard time sticking with the "No-Name" label though.

The extension is valued at $59 million over six years, including $24 million in guaranteed money, team and league sources told ESPN senior NFL analyst Chris Mortensen.

It's a significant raise over the $3.22 million base salary he was making this season. Fitzpatrick was in the final year of the three-year contract -- worth $7.405 million in base salary -- he signed upon joining the Bills as a free agent in 2009.

The one-time journeyman, 2005 seventh-round draft pick and Harvard graduate has formally arrived as a bona fide NFL starter after being rewarded with what could potentially become the most lucrative contract in team history. It's a bold move by a team that's spent much of the past 15 years searching for someone to fill the quarterback role, and a reward for a player who as a first-time starter this season has led a revived offense that has Buffalo off to a surprising 4-2 start.

"It's been a long road. There's been a lot of hurdles and obstacles that I've had to overcome," Fitzpatrick said. "I think we've got this thing headed in the right direction. So to be a part of that, and to be able to continue to be a part of that for years to come, I'm really excited about it."

Fitzpatrick becomes the first starting quarterback since Doug Flutie in 1999 to earn a contract extension with Buffalo.

"I'm excited about Ryan getting this done. He'll be our quarterback for a long time," general manager Buddy Nix said, who said the key to any team's success depends on having a quarterback in place. "It really makes everything easier for us. It's easy to put good players around him if you've got that position that you feel good about. And we do."

Nix had initially hoped to conduct contract talks with Fitzpatrick this offseason, but was delayed as a result of the lockout.

The deal was reached shortly after practice ended on Friday, as the Bills come out of their bye week to "host" Washington (3-3) in Buffalo's annual game at Toronto.

Until Fitzpatrick's emergence, the quarterback position has been unsettled in Buffalo since Hall of Famer Jim Kelly retired following the 1996 season. The Bills, over that stretch, have gone through the likes of Rob Johnson, Drew Bledsoe, J.P. Losman, Kelly Holcomb and, most recently, Trent Edwards.

Of all those players, Fitzpatrick has the unlikeliest pedigree.

The Bills are his third team since Fitzpatrick was selected 250th overall in the 2005 draft by St. Louis. He later spent two seasons with Cincinnati, including 2008, when he finished the season going 4-6-1 in taking over for injured starter Carson Palmer.