The extension comes prior to the deadline for teams to exercise the fifth-year option on players taken in the first round of the 2020 NFL Draft. The Packers selected Love with the 26th overall pick to be the backup to Aaron Rodgers.
Green Bay was tasked with deciding whether it would commit $20.3 million fully guaranteed for the 2024 season or have Love pocket $2.298 million for 2023 with no security beyond that campaign.
Love, 24, was handed the keys to the offense after the Packers traded Rodgers, a four-time MVP in Green Bay, to the New York Jets last week.