Adam Schefter of NFL Network is reporting that the New Orleans Saints have signed wide receiver Marques Colston to a three-year contract extension. The deal locks up Colston through the 2011 season.

A 2006 seventh-round draft pick out of Hofstra, Colston burst onto the scene with a phenomenal rookie season, catching 70 passes for 1,038 yards and eight touchdowns. In 2007 he was even better, with 98 catches for 1,212 yards and 11 touchdowns

Thanks to the NFL salary structure that saddles late-round picks with minimum-salary contracts, Colston has been one of the most underpaid players in the league the last two years. Although financial details of his new deal haven’t been released, it’s safe to say he’s not anymore.