Mike Rodak reports that although the Bills could have waited to lock up Tyrod Taylor, Buffalo didn't want to wait too long to make the deal. (0:55)

PITTSFORD, N.Y. -- When is a five-year, $92 million extension not exactly what it seems? When it's Tyrod Taylor's new deal with the Buffalo Bills.

The Bills negotiated an extension with Taylor that gives the team unique flexibility, essentially allowing Buffalo to get out of the deal with minimal cap consequences after the upcoming season if Taylor doesn't play to the level of what he could earn in 2017 or beyond.

That essentially makes this is a one-year, $9.5 million contract for Taylor, with an option to continue after the 2017 season. If the Bills were to cut Taylor before the fourth day of the 2017 league year, they would take less than a $3 million dead-money hit in doing so.

The Bills continued to work flexibility into the deal beyond 2017. In fact, they can save $2.4 million if they release Taylor prior to the 2018 season and close to $7 million if they release him before the 2019 season. Few long-term deals offer teams that much ability to back out of agreements and still create cap space. For example, under their renegotiated deal with tight end Charles Clay, the Bills can't cut Clay and save salary-cap space until June 2018.

Tyrod Taylor completed 242 of 380 pass attempts for 3,035 yards last season. Kellen Micah/Icon Sportswire

What's in the deal for Taylor? He will earn $9.5 million in cash this season, up from about $2 million under his previous deal. He also will be protected against injury in the form of a $27.5 million injury-only guarantee for 2017, and he will earn $15.5 million cash if the Bills exercise his option next spring.

The appeal of the up-front cash and injury protection is likely what attracted Taylor to this deal over his other potential course of action, which would have been to play out the final season of his initial deal with the Bills and most likely get about $20 million guaranteed from the Bills next spring in the form of the franchise tag.

But make no mistake about it: This is an excellent deal for the Bills. They made a minimal commitment to a player who has started only 14 NFL games and has shown promise but is still not a proven franchise quarterback, all while affording themselves the flexibility to keep Taylor under their control at a reasonable price if he does develop into the team's star under center.

Signing bonus: $3.4 million (prorated $680,000 against cap, 2017-2020)

2016 SEASON

Base salary: $2.6 million (fully guaranteed)

Roster bonus: $3.5 million (due Aug. 16, 2016)

Previous contract signing bonus proration: $133,333

Workout bonus: $6,240

Not-likely-to-be-earned incentives: $250,000 (one-time bonus for Super Bowl and 50 percent playing time in Super Bowl); $750,000 (playoffs; reaching a specified number of combined passing/rushing touchdowns)

Cap number: $6.919 million

2017 SEASON

Base salary: $12 million (fully guaranteed once option bonus is exercised; prior to option bonus being exercised, base salary is $27.5 million and guaranteed for injury only until fourth day of 2017 league year, when it becomes fully guaranteed if option is not exercised and Taylor remains on roster.)

Option bonus: $15.5 million (must be exercised no later than third day of 2017 league year; triggers 2018-2021 seasons of deal; prorated $3.1 million against cap, 2017-2021.)

Not-likely-to-be-earned incentives: $250,000 (one-time bonus for Super Bowl and 50 percent playing time in Super Bowl; void if previously earned)

Base salary escalators: Up to $2.75 million available with playoffs, Super Bowl, reaching a specified number of passing yards, combined passing/rushing yards

Cap number: $15.913 million (if option is exercised)

2018 SEASON

Base salary: $13 million (guaranteed for injury only at time of option exercise; $3.25 million skill/cap guarantee at time of option exercise; if Taylor is on roster on third day of 2017 league year, entire salary becomes fully guaranteed.)

Not-likely-to-be-earned incentives: $500,000 (combined passing/rushing touchdowns); $250,000 (one-time bonus for Super Bowl and 50 percent playing time in Super Bowl; void if previously earned)

Base salary escalators: Up to $2.75 million available with playoffs, Super Bowl, passing yards, combined passing/rushing yards

Cap number: $16.78 million

2019 SEASON

Base salary: $13.6 million (not guaranteed)

Not-likely-to-be-earned incentives: $500,000 (combined passing/rushing touchdowns); $250,000 (one-time bonus for Super Bowl and 50 percent playing time in Super Bowl; void if previously earned)

Base salary escalators: Up to $2.75 million available with playoffs, Super Bowl, passing yards, combined passing/rushing yards

Cap number: $17.38 million

2020 SEASON

Base salary: $13.85 million (not guaranteed)

Not-likely-to-be-earned incentives: $500,000 (combined passing/rushing touchdowns); $250,000 (one-time bonus for Super Bowl and 50 percent playing time in Super Bowl; void if previously earned)

Base salary escalators: Up to $2.75 million available with playoffs, Super Bowl, passing yards, combined passing/rushing yards

Cap number: $17.63 million

2021 SEASON

Base salary: $14.55 million (not guaranteed)

Not-likely-to-be-earned incentives: $3 million (combined passing/rushing touchdowns; passing yards; combined pass/rushing yards; playoffs); $250,000 (one-time bonus for Super Bowl and 50 percent playing time in Super Bowl; void if previously earned)

Base salary escalators: Up to $2.75 million available with playoffs, Super Bowl, passing yards, combined passing/rushing yards

Cap number: $17.65 million