By Jill Martin, CNN

(CNN) -- The New York Giants called it a "lucrative contract extension" and "generational money." After signing on the dotted line, Odell Beckham, Jr. described it as "such an amazing feeling."

They may not have said it directly themselves on Monday, but the two sides agreed to make arguably the NFL's most electric player -- on and off the field -- the highest-paid wide receiver in the league as the 25-year-old Beckham, simply known as OBJ, signed a five-year extension with the Giants.

The financial figures were not disclosed, but according to reports, Beckham can earn a maximum $95 million total, with $65 million guaranteed. He'll average $20 million per year for the first three years.

"Honestly, I don't even know how to explain it," Beckham said. "I don't know if it's a relief, I don't know -- it's a combination of everything. You've worked all your life to get to this point and it's finally here."

Beckham, who was in the final year of his rookie contract, notably elected not to hold out for a new deal entering training camp. He's now under contract through 2023.

"I never worried whether or not we would get it done," Giants general manager David Gettleman said. "I'm pleased, because the litmus test for a contract is that neither side is ticked off before the ink can dry, and neither side should be ticked off. It's a very fair deal."

The celebration of the signing wasn't limited to just OBJ and the team's front office. It appears to have kicked off a party in the Giants locker room. After the contract was announced, wide receivers Sterling Shepard and Roger Lewis each posted videos on social media showing OBJ and teammates dancing.

The 12th overall pick in the 2014 NFL draft and a three-time Pro Bowler, Beckham had the best three-season start by a wide receiver in Giants history.

His 288 receptions, 4,122 yards and 35 touchdowns all are records for a Giants player in his first three seasons. In fact, he had the three-year touchdown receptions record with 25 -- in his first two seasons.

Beckham was limited to four games last season because of ankle injuries and hasn't played yet this preseason, but he's expected to be fully ready for the season opener against the Jacksonville Jaguars on September 9. He had 25 receptions and three touchdowns in 2017.

"This just kind of secures you and your family, and the ones that are going to come along after you in your family," Beckham said.

"For me, it's not going to change my goals that I have on the field. If anything, it just increased them even more. I just want to be able to come out and play football the way that I've always played, the way that I love it and have some of my best years that I've ever had in my entire life.

"This is nothing but more motivation to go even harder and to do even better."