The team didn't say how much it will pay Rice, on whom it bestowed its franchise tag, but it reportedly is worth about $40 million.
Rice produced an NFL-best 2,068 yards from scrimmage last season, including a career-high 1,364 yards rushing with 12 touchdowns. He also caught 76 passes for 704 yards with three more scores.
The 25-year-old has 4,377 rushing yards with 24 touchdowns in his four-year career. He has made the Pro Bowl twice.