The extensions includes $24.75 million guaranteed and is worth $15.5 million per season. The Texans restructured the contract of cornerback Johnathan Joseph in order to free up $4 million in cap space to make room for the extension.
The Atlanta Falcons traded Schaub to the Texans before the 2007 season, when he signed a six-year, $48 million contract with his new team to consummate the trade. At the time, Schaub has started just two games in three seasons with the Falcons as the backup to Michael Vick.
Since coming to Houston, Schaub has become a top quaterback and along with receiver Andre Johnson has led one of the more potent offenses in the AFC. His best season came in 2009, passing for 4,770 yards and 29 touchdowns, with 15 interceptions.
The Texans have not made the postseason with Schaub under center, however. In 2011, the Texans enjoyed the first postseason victory in franchise history with T.J. Yates as quarterback, as Schaub had been placed on injured reserve in midway through the season with a linsfranc injury.
Schaub was 20-of-31 for 266 yards and one touchdown in the Texans' 30-10 win over the Miami Dolphins on Sunday.
For more on Schaub's extension and the Houston Texans, be sure to check out Battle Red Blog.