The last major piece of offseason business for the Detroit Lions is to get quarterback Matthew Stafford an extension. According to both Adam Schefter and Dave Birkett, it looks as though that piece of business is nearly complete.
Lions and QB Matthew Stafford are on verge on blockbuster extension that could be done as early as today, per team source.— Adam Schefter (@AdamSchefter) July 9, 2013
Matthew Stafford is expected to sign a three-year contract extension soon, possibly today.— Dave Birkett (@davebirkett) July 9, 2013
The Lions have been negotiating with Stafford's representatives on a new contract all offseason. Since Stafford is only under contract through 2014 (if you disregard the option year in 2015), it has been a priority for the Lions to lock him up for the foreseeable future. If that does indeed happen, Stafford will be under contract through the 2017 season, according to Birkett.
The other major reason the Lions need to extend Stafford is to lessen his $20.8 million cap hit this year and his $19.3 million cap hit next year. An extension should give the Lions more cap room to work with, in turn giving them more flexibility for this season and beyond.
UPDATE: The details are out on the dollar figures in Stafford's new deal.