Update:

The Buccaneers have already confirmed the contract extension for DT Gerald McCoy.

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Jay Glazer of Fox Sports reports that the Buccaneers have signed DT Gerald McCoy to a seven-year contract extension worth close to $100 million.

Ian Rapoport reports that McCoy will receive a seven-year deal worth $98 million and includes $51,5 million guaranteed.

McCoy’s new extension will pay him an average salary of $13.6 million with an opportunity to make as much as $14 million annually.

Jason Cole points out that McCoy will receive $51 million by March of 2016.

McCoy, 26, was in the final year of his rookie contract and will make $12.7 million for the 2014 season to go along with $15.6 million cap figure.

There’s no question that McCoy would have been one of the most sought after free agents next year had the Buccaneers not locked him up, but every indication was that Tampa Bay was going to do whatever it took to keep him on their roster moving forward.

Rapoport reports that the Buccaneers and McCoy’s reps exchanged “countless proposals” and were discussing an extension even before training camp.

This leaves Ndamukong Suh as the best available defensive lineman available in next year’s free agent market.

McCoy has appeared in five games and recorded 17 tackles, two sacks and a pass defense this season.

Last year, Pro Football Focus rated McCoy as the No.1 defensive tackle in the league by a wide margin and he currently sits atop their 2014 rankings as well.

We had McCoy listed as the No. 2 player in our Top 25 – 2015 Free Agents list.