NEW YORK -- The NFL wants to cut almost 60 percent of guaranteed pay for first-round draft picks, lock them in for five years and divert the savings to veterans' salaries and benefits.

More than $525 million went to first-rounders in guaranteed payments in 2010. The league wants to decrease that figure by $300 million, according to documents obtained by The Associated Press.

The league's offer would free a total of more than $1.2 billion over four years through 2015 -- $37.5 million per team overall -- and slow the growth rate of guaranteed payments to first-rounders, which the documents show increased by 233 percent from 2000-10.

The last five No. 1 overall picks received $180.844 million in guaranteed money before playing their first NFL game, according to figures obtained by ESPN.com's Pat Yasinskas through league sources. Last year's top pick -- Sam Bradford -- received $50 million guaranteed. Matthew Stafford (2009) got $41.7 million, Jake Long, 2008, ($30 million), JaMarcus Russell, 2007, ($32.019) and Mario Williams, 2006, ($27.125).

The last 15 quarterbacks selected in the draft's top 10 picks -- including such busts as Russell, Matt Leinart ($12.9 million), David Carr ($15 million) and Joey Harrington ($13.9 million) -- have received $367.11 million guaranteed.

Of course, Eli Manning ($24 million), Philip Rivers ($17.9 million) and Matt Ryan ($34.7 million) have not done too badly for their teams.