Toronto ? All-Star center fielder Vernon Wells and the Toronto Blue Jays agreed Friday night to a $126 million, seven-year contract extension through 2014, the sixth-largest deal in baseball history.

“How can you not be happy?” Wells said during a telephone interview with the Associated Press several hours before terms of the deal were finalized. “Like I said, my family comes first. Obviously, this gives me an opportunity to set my family up for a couple of generations. That’s the biggest part of this thing. And this gives me a chance to do something special in Toronto that hasn’t been done in a while.”

The contract value trails only those of Alex Rodriguez ($252 million), Derek Jeter ($189 million), Manny Ramirez ($160 million), Todd Helton ($141.5 million) and Alfonso Soriano ($136 million). It is the 13th $100 million deal in baseball history and the third of the offseason, following those of Soriano with the Cubs and Carlos Lee ($100 million) with Houston.

Wells is due $5.6 million next season in the final year of his old contract. The extension calls for a $25.5 million signing bonus, payable in three $8.5 million installments each March 1 in 2008, 2009 and 2010. He will receive a salary of just $500,000 in 2008 and $1.5 million in 2009, but his salary jumps to $12.5 million in 2010 and $23 million in 2011. Wells receives $21 million in each of the final three seasons.

Wells hit .303 with 32 homers and 106 RBIs last season and is due $5.6 million next season. He would have been eligible for free agency after next season.