A source told Schefter that Shields will earn $30 million over the first three seasons -- $15 million in the first year, $6 million in the second year, and $9 million in the third year.
Last season, Shields emerged as the Packers' top cover cornerback while playing for the restricted free-agent tender of $2.023 million.
The former undrafted free agent, who was a receiver for most of his college career at Miami, tied his career high with four interceptions in 14 games, including a game-changing pick in the Week 15 win over the Dallas Cowboys.
Once viewed as just as speed corner, he has turned into a well-rounded player who often was given the assignment of covering the opponent's best receiver.
Shields' agent, Drew Rosenhaus, announced the deal on Twitter:
Congrats to RSR client Sam Shields & the Green Bay Packers on the new contract!- Drew Rosenhaus (@RosenhausSports) March 9, 2014
Shields also acknowledged the deal on Twitter Saturday night: