Jason Baker has performed like one of the league's best punters over the last two years and on Monday he was paid like one. Baker signed a five-year, $8.5 million contract extension that equals the annual salary of Matt McBriar of the Dallas Cowboys, the league's highest-paid punter.

   However, Baker's contract includes a signing bonus of slightly more than $2 million and is actually worth more than McBriar's -- $1.85 million per year -- over the first three years of the contract, according to Baker's agent Frank Murtha

   Baker would have become an unrestricted free agent after the season.

   "Jason is very excited," Murtha said. "We were hoping we could work out something with the Panthers. In the last negotiation they said if he put together another strong year they would re-visit it. They were true to their word."

   Baker, 29, waived four times earlier in his career, set back-to-back team records for net average the past two seasons - 38.9 yards in 2005 and 39 yards in 2006.

   Baker was selected as a first alternate for the Pro Bowl in each of the last two seasons.

   "He's been a very consistent punter for us," Panthers general manager Marty Hurney said. "He holds for John and helps out on kickoffs, too. The last two years he finished in the top three in the league in gross and net average. We just feel like he's getting better every year. And he's our kind of guy."

   Baker was acquired from the Denver Broncos along with a seventh-round pick in 2005 in exchange for Todd Sauerbrun. Although Baker has yet to make the Pro Bowl, he certainly hasn't caused as many headaches as his predecessor.