Entering his sixth season with the Raiders, Reece has started 31 games for Oakland. He has 505 career rushing yards to go with 107 career receptions and 1,159 receiving yards.
Reece is valued differently than most fullbacks. He is more than just a big body who can block. Reece can move around in different formations and has become a weapon in the passing game. Even with Darren McFadden healthy entering the 2013 season, Reece is still on the field often for the Raiders.
Last season, Reece had a career-high 52 catches and 496 receiving yards.
The financial terms of the contract have not yet been announced.
UPDATE: Reece's contract extension is for three years and worth more than $13 million with $7.2 million in guaranteed money, according to Ian Rapoport. Not bad for a fullback.