Long is already guaranteed £14.5m over five years
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The Miami Dolphins officially made Michigan offensive tackle Jake Long the top pick in the 2008 NFL draft, having already agreed a contract with him.
Michigan star Long, 22 on Tuesday, secured a five-year deal worth $57.5m (£29m) - with $30m of it guaranteed.
St Louis Rams then selected defensive end Chris Long, son of Hall of Fame former Raider Howie.
And Atlanta picked quarterback Matt Ryan, in an attempt to replace imprisoned former star Michael Vick.
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Vick was jailed for 23 months in December 2007 for his part in a US dog-fighting ring and the Falcons slumped from contenders to the third-worst team in the league.
The Dolphins had a league-worst 1-15 record in 2007, but that mark gave them the first choice in the two-day NFL college draft in New York.
Long became just the second offensive lineman - after Rams star Orlando Pace in 1997 - taken with the first overall selection since the AFL-NFL merger in 1970.
Long started 40 games at the University of Michigan, including his last 30 at left tackle.
In his last 26 games, he allowed just three quarterback sacks and was penalised only once on 1,743 offensive plays.
The seven-round draft, in which 252 collegiate players are selected, is held over two days at the Radio City Music Hall in Manhattan.
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