The NFL and Verizon have extended their media rights/sponsorship deal for another five years, according to John Ourand and Daniel Kaplan of Sports Business Daily. A formal announcement is expected later in the day on Monday.

The deal between the two sides will consist of the NFL streaming in-market and national NFL games using digital and mobile platforms, mostly courtesy of Verizon. It will be put into effect next month. The contract is reportedly worth an average in the neighborhood of $500 million per year. That would be double the amount of the annual $250 million that Verizon is paying as part of its current four-year agreement with the league.

The increase in money comes more from media-rights fees than sponsorship revenue itself.