The 2012 quarterback class should be smiling all the way to the bank, as the Miami Dolphins announced Monday that they've signed Ryan Tannehill to an extension that would keep him in South Beach through the 2020 season.

As reported by USA TODAY Sports, the deal is a four-year $77 million extension, which adds to the two years and $18.26 million still remaining on Tannehill's rookie deal. The person who disclosed the details said that the deal includes $45 million in guarantees. The person also said that he is not permitted to speak publicly as the team has not yet released the financial details of Tannehill's extension.

This figures to make the market value for fellow 2012 draft quarterbacks Andrew Luck and Russell Wilson even bigger as the more acclaimed quarterbacks led their respective teams, the Indianapolis Colts and the Seattle Seahawks, to the playoffs in each of their first three seasons in the league.

The Dolphins, for their part, have not made the playoffs since 2008, but have apparently banked on the promise of Tannehill, who has improved in each of his three years as a pro. His passer rating has climbed from 76.1 as a rookie, to 81.7, to 92.8 last season (12th best among quarterbacks with at least 400 attempts).

Tannehill's upside appears to be a good bet for Miami, as the eight pick in the 2012 draft will just turn 27 this July. As noted by Shutdown Corner, Tannehill played receiver for Texas A&M up until midway through his junior year, and he has gotten better at almost all statistical category in each of his three NFL seasons.

Tannehill was the third quarterback selected in the 2012 draft behind Luck and Robert Griffin III. Wilson was taken in the third round as the 75th overall pick.