Madrid haven't provided details on the deal as of yet but they did announce that a ceremony will be held at the Bernabéu later today that will feature club president Florentino Pérez
Various reports in the Spanish media claim the new deal extends Ronaldo's contract through the summer of 2018 and gives his annual salary a healthy bump to nearly €17 million per season. That's just under $22.6 million...per season...to kick a ball.
Ronaldo arrived at Real Madrid from Manchester United back in 2009 for a then world record fee of €94 million. During his four plus seasons with Los Blancos he's scored 203 goals in 203 games (that's an impressive stat) along with helping the team to one La Liga title and a Copa del Rey. What he hasn't done, and to be fair he can't do it alone, is helped Madrid finally claim their coveted 10th European Cup.
Madrid broke the transfer record set when they signed Ronaldo this summer with the addition of Gareth Bale from Tottenham. A move that cost the club €100 million.