League sources told ESPN and NFL Media on Monday that Tagovailoa reached an agreement on a four-year deal worth about $30.28 million. According to NFL Media, the pact, which includes a fifth-year option, is fully guaranteed and has a signing bonus of $19.6 million.
Earlier Monday, an NFL spokesman said Tagovailoa has the NFL's two highest-selling jerseys on the league's official merchandise shop since last month's draft. His top sellers were the Dolphins' aqua-colored home jersey, followed by the team's white away jersey.
Tagovailoa topped new Tampa Bay Buccaneers quarterback Tom Brady, who ranks third through sixth in jersey sales on the league's official site since the draft. Brady's new teammate Rob Gronkowski ranks seventh.
No. 1 overall pick Joe Burrow is second on the rookie selling charts during that period, with his black Cincinnati Bengals jersey ranking eighth. His orange jersey ranks 11th and his white jersey is 15th. Los Angeles Chargers rookie signal-caller Justin Herbert ranks No. 12 since the draft.
The Dolphins selected Tagovailoa with the No. 5 overall pick in this year's draft. He announced last week that he will wear No. 1 this season, becoming the first quarterback in franchise history to don that jersey number.