The deal, announced Wednesday, begins in 2018 and has four guaranteed years through 2021. Blackmon also has player options for 2022 and 2023.
The Rockies did not announce financial terms of the deal, but sources tell ESPN's Buster Olney the deal could top out at $116 million if options are exercised and all incentives are met.
Blackmon's base salary is $12 million for this season and $21 million for each of the next three seasons.
In 2022, Blackmon has a player option for $21 million. In 2023, he is guaranteed $10 million as a player option, with the escalators on top of it.
Blackmon, 31, has four home runs and is batting .316 in Colorado's first five games this season. The two-time All-Star batted .331 with 37 homers, 104 RBIs, 137 runs scored -- all career highs -- in 2017 and was set to become a free agent after this season.