The deal also includes a $2 million signing bonus, sources said.
NFL Network first reported the agreement.
Barkley’s new deal is worth $10.1 million fully guaranteed, including the signing bonus, according to ESPN’s Adam Schefter. The $1 million of incentives includes an equal amount paid for 1,300 rushing yards, 11 touchdowns and 65 receptions.
There also is no restriction on the franchise tag next year, a source told ESPN’s Jordan Raanan, meaning the Giants still have the ability to use the tag on Barkley after this season.
Last week, Barkley said during an appearance on “The Money Matters” podcast that he “might have to take it to this level” amid his stalemate with the team over a long-term contract, and he had considered not playing this season.
The Giants and Barkley did not agree to a deal before the deadline for franchised players to agree to long-term deals, meaning he would have had to play this season under the $10.091 million franchise tender.
Giants training camp begins Tuesday for veterans. Barkley is already in the building, a source told Raanan.
Barkley, 26, finished fourth in the NFL with a career-high 1,312 rushing yards last season, ran for 10 touchdowns and tied for the team lead with 57 receptions. He has played in 60 career games over five seasons since being the No. 2 overall draft pick in 2018, when he was named Offensive Rookie of the Year.