Some of the initial reports regarding the Terry McLaurin contract extension were, as they often are, overstated. Which is another way of saying “erroneous.”

While we’re still trying to get a full and complete breakdown of the entire contract, initial numbers have emerged, now that the contract has been signed and submitted to the league.

Via Albert Breer of SI.com, the three-year extension has a base value of $29 million per year in new money. Not $32 million. Or, as at least one initial report claimed, “over” $32 million.

The total value of the new four-year deal is $103.35 million. That’s a true average from signing of $25.8375 million.

The full guarantee at signing, per Breer, is $44.65 million, which includes a $30 million signing bonus.

The deal includes an upside of $9.4 million, pushing the maximum value to $32.133 million — if all incentives are hit. Breer has the full package.

Again, we’ll do a full breakdown when we obtain the contract. But it seems that there was a little fluff in the initial reports, in order to make it look like McLaurin got beyond the $30 million per year barrier. The base deal got to $29 million.