The 27-year-old reportedly agreed to a four-year extension worth $98 million in new money, $105 million in total. The $24.5 million per year features $72.8 million guaranteed, per NFL Network's Ian Rapoport.
"I'm excited for our entire team," said Bears general manager Ryan Poles. "To get another playmaker, a pass rusher, a guy really that can play all three downs and elevate our whole team, I'm excited about that, for sure."
The Washington Commanders sent Sweat to the Bears ahead of the trade deadline on Tuesday in exchange for a 2024 second-round draft pick. He was set to earn $11.5 million in the final year of his rookie contract as the team picked up his fifth-year option in April 2022.
When he arrived in Chicago, reporters were eager to learn if an extension was in the works.
"I'm sure my agents and them are talking about something," Sweat answered at an introductory news conference on Thursday. "Obviously a player always wants to have security, playing the sport that we're playing."
Sweat was candid about the situation when faced with follow-up questions, telling reporters he didn't even know where he would be sleeping that night. He spent four full seasons and half of this year's campaign with the Commanders, recording 35.5 career sacks in 67 games.
On Friday, he penned an earnest goodbye to Washington, thanking the franchise that traded up to draft him with the 26th pick out of Mississippi State in 2019. He also expressed gratitude to fans and his teammates before directing his attention to the future.
"I’m excited & looking forward to what’s to come," he wrote.
He has recorded 21 solo tackles and 6.5 sacks through eight games this season. It's the norm for Sweat, who is one of six players to notch at least five sacks in each of the last five seasons.
The Bears' defense stands to benefit significantly from his addition. They have a league-low 10 sacks this year, while no other team has less than 15. Only five of the team's sacks this season have been credited to defensive ends.