The Baltimore Ravens and franchised running back Ray Rice have agreed to terms on a five-year, $40 million contract, just minutes before Monday's deadline, according to ESPN NFL Insider Adam Schefter.

The deal will pay Rice $25 million in the first two years and $17 million in the first year.

The signing continues the Ravens' trend of reaching long-term agreements with designated "franchise" players.

"This is another example of Steve Bisciotti's commitment to the team and to our fans to retain our core players," general manager Ozzie Newsome said. "His production on the field speaks for itself, and his leadership in the locker room is outstanding."

In 61 regular-season career games, Rice has rushed for 4,377 yards and 24 touchdowns. He also recorded 250 catches for 2,235 yards and five touchdowns. He's second in franchise history in rushing yards behind Jamal Lewis, who rushed for 7,801 yards on the ground.

He's also the Ravens' all-time receiving leader by a running back, and leads the NFL in receptions and receiving yards by a back since he entered the league in 2008.

In 2011 he recorded a career-high 2,068 yards from scrimmage, becoming the only player in the league to reach the 2,00-yard plateau. He accumulated a career-high 1,364 yards, second in the NFL to Jacksonville Jaguars' Maurice Jones-Drew.

He led the Ravens in receptions with 76 for a career-high 704 yards, and his 15 touchdowns-12 rushing, three receiving-set a franchise record. He joined Hall of Famer Marshall Faulk as the only players in NFL history to register at least 1,200 rushing yards and 700 receiving yards in multiple seasons.

Soon after the Ravens' loss to New England in the AFC title game, Rice said, "I'm not going to complain about the franchise tag, but I prefer the long-term. That's; what Baltimore, the city, the fans, would love to know-that Ray Rice is going to be here, not just one year, but for many years to come."