The contract averages $16.5 million per year and includes $55 million in guarantees, per NFL Insider Ian Rapoport.
Evans confirmed the agreement with this statement on Instagram: "I'm excited to announce I will be spending the next several seasons in Tampa Bay with the Buccaneers with one goal in mind: winning a Super Bowl with my teammates. I want to thank the Bucs, from the owners to the front office, for believing in me and allowing me to take care of my family. I want to also thank my agents; Deryk Gilmore and Darren Jones for all of their hard work. I'm going to continue to strive for greatness on the field as well as in my community. #BUCSNATION!"
The potential $82.5 million payout is the highest agreed upon contract for a wide receiver in league history, according to NFL Research.
Evans is scheduled to earn $18 million in salary and bonuses in 2018, according to Rapoport, and then would have a cash flow of $20 million in 2019, $18.72 million in 2020, $12.25 million in 2021, $14 million in 2022 and $14.5 million in 2023.
Evans, the No. 7 overall pick out of Texas A&M by the Bucs in the 2014 NFL Draft, was heading into the option year of his rookie contract.
The 6-foot-5, 230-pound Evans has 309 receptions for 4,579 yards and 32 touchdowns in four seasons with the Buccaneers, including 71 catches for 1,001 yards and five touchdowns last season.