The 26-year-old Burrow will be ahead of Los Angeles Chargers quarterback Justin Herbert, who earned the title top-paid player, signing a $55 million five-year contract in July.
Herbert's contract outperformed the mammoth extension that he handed out earlier this year to Philadelphia's Jalen Hertz ($255 million) and Baltimore's Lamar Jackson ($260 million).
Burrow energized the Bengals in their first three seasons with the franchise.
He led the team to its second straight AFC North Division title, making two AFC Championship appearances and one Super Bowl appearance.
Burrow has built 11,774 passing yards with 82 touchdowns and 31 interceptions and is 5-2 in playoff games.
Starting his fourth campaign, he holds the Bengali single season franchise record for the most passes yards (4,611 in 2021), touchdown passes (35 in 2022), pass attempts (606 in 2022) and completion (414 in 2022).
He and the Bengals will start the season Sunday against the Cleveland Browns.