More details have emerged about Odell Beckham Jr.'s new contract extension with the New York Giants.

According to reports Monday, Beckham signed a five-year deal worth $95 million with $65 million guaranteed and $5 million in incentives included in the total figure, making him the highest-paid wide receiver in NFL history. The deal keeps him at the MetLife Stadium until 2023.

"Honestly, I don't even know how to explain it," Beckham said, as per CNBC. "I don't know if it's a relief, I don't know — it's a combination of everything. You've worked all your life to get to this point and it's finally here."

However, the deal was not as impressive as initially believed.

As analyzed by Mike Florio of Pro Football Talk, it is not an extension but actually a new six-year, $98.459 million deal, as the 25-year-old still initially had a year left until he was to become a free agent in 2019.

He will earn $20 million through his sign-on bonus which will be fully paid in three installments by February 2019. In addition, he is guaranteed his base salary of $1.459 million in 2018 and $16.75 million in 2019.

Beckham was reported to be receiving $60 million guaranteed in the first three years of the deal. But as Florio points out, with just $2.75 million of his $14 million salary in 2020 guaranteed at signing, Beckham will be making over $7 million less ($52.709 million) than reported.

The remaining $11.25 million will be guaranteed on the third day of the 2020 league year. The same applies in 2021 with just $1.709 million of his $14.5 million base salary guaranteed for injury at signing.

The 2014 first-round pick's base salary in 2022 and 2023 is $13.75 million; however, they are not guaranteed.

There's also an interesting bonus in his contract. Should Beckham appear on the first day of training camp from 2021 to 2023, he will receive $1 million for each year. This is to combat the future possibility of Beckham feeling he may be underpaid at the time and holding out.

Florio added more about the deal below:

"He has $40.959 million fully guaranteed at signing, and $65 million guaranteed for injury at signing. Given the structure of the vesting, with the guarantees kicking in the same year the money is paid, the Giants could (in theory) part ways with Beckham after two years and $41.2 million over after three years and $52.709 million."

As for the $5 million in incentives, Beckham needs 96 catches, 1,374 yards, 12 touchdowns, as well as a playoffs berth in both 2021 and in 2022 to receive them.

Florio concluded: