Chiefs quarterback Trent Green reached agreement on a contract Thursday that will keep him with the team.

Green, who was scheduled to receive an $8 million roster bonus Friday, will now have a seven-year contract worth $50 million that includes a $9.5 million signing bonus and $11.25 million in total bonus money.

Had Green not reached an agreement by Thursday, the Chiefs might have been forced to release him.

"I think it worked out well with both sides,'' said Green, who passed for 3,690 yards and 26 touchdowns last season. "I do think from that salary cap-wise, it is very friendly in terms that we can go after some free agents now. But it also secures things for me and my family.''

Although the signing bonus the team awarded Green is actually more than the roster bonus he was due, the advantage in the former is that the Chiefs are able to prorate it over the course of the contract, amortizing its impact.

"It was our hope and desire to change the roster bonus to a signing bonus, but we've done a little more than that, extending it to seven years,'' said Carl Peterson, the Chiefs' president.

"I appreciate Trent's cooperation in doing this. Obviously, it means some security for himself and his family. But it also gives us a great deal of flexibility in the cap.''

Green, 32, had three seasons remaining on the former contract and was due base salaries of $2 million (2003), $5 million (2004) and $6 million (2005). A full breakdown on the new contract was not immediately available.

Retaining the quarterback, who was acquired from the St. Louis Rams for a first-round choice in 2001, was a priority for Chiefs management. Even with the deadline approaching for the roster bonus, coach Dick Vermeil remained confident a new deal would be in place before the start of free agency.

Agent Jim Steiner also indicated at last week's predraft scouting combine that a deal would be consummated, although he acknowledged that the talks might go right to the wire. Without a new contract, Kansas City might have been forced to release Green into the free agency market.

After a shaky 2001 season, one in which he turned the ball over too often, Green came back with a terrific 2002 campaign. His threw twice as many touchdown passes as interceptions (26-13) and also posted a career-best passer rating of 92.6.

Despite having one of the league's most explosive offenses, the Chiefs finished 8-8 last season and missed the playoffs for the fifth straight year because their defense was dreadful.

The Chiefs now can go after free agents, as well as re-sign defensive veterans, which the club did on Thursday. Linebacker Mike Maslowski, who had a team record 162 tackles in 2002, agreed to a six-year contract, and defensive end Gary Stills agreed to a four-year deal.

At the same time, the Chiefs extended one-year tender offers to safety Greg Wesley, linebacker Quinton Caver and cornerback Corey Harris. Peterson said Wesley, who has started all 45 games since joining the team as a third-round draft pick in 2000, was offered first-round money.

The Chiefs terminated the contracts of defensive end Duane Clemons and punter Dan Stryzinski.

ESPN.com's John Clayton and Len Pasquarelli and The Associated Press contributed to this report