Lets be clear that this is a new 8-year deal through 2019. Johnson will not play out last year of rookie deal.— Tim Twentyman (@ttwentyman) March 14, 2012
Johnson's new contract is worth a total of $132 million, according to Adam Schefter. $60 million of that is guaranteed, which is a new NFL record, according to Andrew Brandt.
Top NFL guarantees prior to $60 million guarantee w/Calvin Johnson: Bradford (50M), Brady (48.5M), Fitz (45.5M), Joe Thomas (44M)— Andrew Brandt (@adbrandt) March 14, 2012
Johnson's new deal is quite large, but it actually saved the Lions around $9 million in cap space. That shows how big his old cap number was going to be for 2012. By signing a new deal and throwing out the old one, his cap number will be much easier for the Lions to handle.