So of the 2011 draft, which by the way, was a ridiculous class there have been 2 first round picks signed to extensions.
Patrick Peterson 5 years, $70 million, $48 million guaranteed
Tyron Smith 8 year ext (10 years total) making it $110 million, $40mil guaranteed ($28 mil of that new money), and a $10 million signing bonus
Guys on deck to be extended from the first rookie cap year include JJ Watt, Cam Newton, Julio Jones, AJ Green, Robert Quinn, Corey Liuget, Cam Heyward, Mike Pouncey, Jimmy Smith, Von Miller, Aldon Smith, Cameron Jordon. All of whom had their 5th year option executed and are under contract thorugh 2015
Signing him sooner rather than later is going to be for the best. He is a beast, one that not many know about but a guy that could really emerge this year as a rare 10 sack player from a 34 DE. Imo by the end of the year he will be regarded as a top 5 34 DE with Watt (clearly #1) and guys like Sheldon Richardson, Mo Wilkerson, Cameron Jordan, Calais Cambell, ect...