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Updated June 12, 2016 9:00 AM
Each year, Forbes releases its list of the highest paid athletes in the world. (Photo of NY Giants quarterback Eli Manning by Cindy Ord/Getty Images for SiriusXM)
Each year, Forbes releases its list of the highest paid athletes in the world. For over a decade, Tiger Woods and Floyd Mayweather have dominated the top of the rankings, but there's a new No. 1 earner for 2016.
See Forbes' full rankings here: http://onforb.es/1UqF0vx
The San Diego Chargers QB penned a four-year contract extension with the team last summer worth more than $83 million. (Photo: Philip Rivers #17 of the San Diego Chargers throws against the Buffalo Bills during the first half at Ralph Wilson Stadium on September 21, 2014 in Orchard Park, New York. Credit: Tom Szczerbowski/Getty Images)
Forbes says Vettel's three-year deal with Ferrari is among the top in the F1: it will pay out more than $40 million a year, including performance bonuses. (Photo: Sebastian Vettel of Germany smiles as he speaks with members of the Ferrari team on the pit wall during Day 1 of Formula One testing at Yas Marina Circuit on November 25, 2014 in Abu Dhabi, United Arab Emirates. Credit: Dan Istitene/Getty Images)
The Seahawks QB inked a four-year contract extension last summer worth $87.6 million, which included a $31 million signing bonus. He has partnerships with Bose, Nike, Alaska Airlines, Wilson, Microsoft and more, plus his own line of apparel is available at Nordstrom. (Photo: Quarterback Russell Wilson #3 of the Seattle Seahawks drops back against the San Francisco 49ers during the 2014 NFC Championship at CenturyLink Field on January 19, 2014 in Seattle, Washington. (Photo by Ronald Martinez/Getty Images)
Four-time major champ McIlroy, of Northern Ireland, has marketing deals with Nike, Bose, Electronic Arts and more. (Photo: Rory McIlroy of Northern Ireland holds the Claret Jug after his two-stroke victory at The 143rd Open Championship at Royal Liverpool on July 20, 2014 in Hoylake, England. Credit: Andrew Redington/Getty Images)
Mayweather topped Forbes' highest-paid athlete list for three of the past four years, and his career earnings are at about $700 million since he went pro in 1996. Mayweather now says is he retired, but he's still pulling in cash with personal appearances and merchandise profits. (Photo: Floyd Mayweather Jr. throws a left at Manny Pacquiao during their welterweight unification championship bout on May 2, 2015 at MGM Grand Garden Arena in Las Vegas, Nevada. Credit: Al Bello/Getty Images)
Deflategate suspensions be damned; the Patriots QB inked a contract extension this year with a $28 million signing bonus. He's got marketing partnerships with brands like Uggs, Simmons Beautyrest and Under Armor, and Forbes notes that Brady topped the league in merchandise sales for the 2015 NFL season. (Photo: Quarterback Tom Brady #12 of the New England Patriots on the sidelines during the AFC Championship game against the Denver Broncos at Sports Authority Field at Mile High on January 24, 2016 in Denver, Colorado. The Broncos defeated the Patriots 20-18. (Photo by Christian Petersen/Getty Images)
The Baltimore Ravens quarterback signed a three-year, $66.4 million contract with the team in the off-season. Forbes says Flacco's $22.1 million average salary is the highest in the NFL. (Photo: Joe Flacco #5 of the Baltimore Ravens looks on in the first half against the New England Patriots during the 2015 AFC Divisional Playoffs game at Gillette Stadium on January 10, 2015 in Foxboro, Massachusetts. Credit: Elsa/Getty Images)
The Big Blue QB signed a four-year contract extension last year worth $48 million, which includes a $31 million signing bonus and $65 million in guarantees. (Photo: Eli Manning #10 of the New York Giants walks off the field on fourth down in the third quarter against the Philadelphia Eagles at MetLife Stadium on Jan. 3, 2016 in East Rutherford, New Jersey. Credit: Elsa/Getty Images)
Tiger Woods has landed at the Forbes' No. 1 top-paid athlete spot 12 times over the past 15 years, but this year, he came in at No. 12. He has played in just 18 events since 2014, but Forbes says his course-designing business is starting to pick up, and he opened his first U.S. course last year in Texas. (Photo: Tiger Woods waits to play his second shot on the fourth hole during the final round of the Wyndham Championship at Sedgefield Country Club on August 23, 2015 in Greensboro, North Carolina. Credit: Kevin C. Cox/Getty Images)
Hamilton's three-year contract extension with Mercedes' F1 team inked last year could pay out more than $140 million with bonuses. He won his third F1 World Championship in 2015, and has endorsement deals with L'Oreal and Monster Energy among others. (Photo: Lewis Hamilton of Great Britain and Mercedes GP in the garage during practice for the Canadian Formula One Grand Prix at Circuit Gilles Villeneuve on June 9, 2016 in Montreal, Canada. Credit: Charles Coates/Getty Images)
The Black Mamba ended his 20-year career with the L.A. Lakers in 2016, but his reign on Forbes' top-paid athletes list is not over. Forbes says that over his career, Bryant racked up $680 million in salary and endorsements, marking the most ever for a team athlete during their playing career. (Photo: Former NBA player Kobe Bryant onstage during American Film Institute's 44th Life Achievement Award Gala Tribute show to John Williams at Dolby Theatre on June 9, 2016 in Hollywood, California. Credit: Mike Windle/Getty Images for Turner)
Forbes says U.S. pro golfer Jordan Spieth is the youngest on its 100 top paid athletes this year, and is also the biggest mover on the list by skyrocketing from No. 85 last year to No. 9 this year. Spieth became the youngest-ever US Open champ in 2015 -- he was born in 1993. (Photo: Jordan Spieth of the United States celebrates on the 18th green after his four-stroke victory at the 2015 Masters Tournament at Augusta National Golf Club on April 12, 2015 in Augusta, Georgia. Credit: Ezra Shaw/Getty Images)
American pro golfer Phil Mickelson has won won 42 PGA Tour events, including five major titles. He has endorsement deals with numerous companies, including Barclays, Rolex and ExxonMobil. (Photo: Phil Mickelson looks on during the Singles Matches of the 2014 Ryder Cup on the PGA Centenary course at the Gleneagles Hotel on September 28, 2014 in Auchterarder, Scotland. Credit: Ross Kinnaird/Getty Images)
The Carolina Panthers' No. 1 made No. 7 on the top-paid list this year. The contract he signed with the team last year is worth $103.8 million over five years, and he also has an endorsement deal with athletic gear-maker Under Armor. (Photo: Newton, of the Carolina Panthers, throws a pass in the first half against the Arizona Cardinals during the NFC Championship Game at Bank of America Stadium on January 24, 2016 in Charlotte, North Carolina. (Photo by Streeter Lecka/Getty Images)
The Association of Tennis Professionals has ranked Djokovic No. 1 in men's singles tennis. He has won millions of dollars in prize money and has lucrative sponsorships. (Photo: Novak Djokovic of Serbia lifts the trophy following his victory during the men's singles final against Roger Federer of Switzerland on day eight of the Barclays ATP World Tour Finals at the O2 Arena on November 22, 2015 in London, England. Credit: Julian Finney/Getty Images)
The Oklahoma City forward has the third highest all-time career points and a major deal with Nike, clinching his spot at No. 5 on this year's list. (Photo: Kevin Durant #35 of the Oklahoma City Thunder looks on during a game against the Miami Heat at American Airlines Arena on December 3, 2015 in Miami, Florida. Credit: Mike Ehrmann/Getty Images)
Pro tennis star Roger Federer has deals with companies like Nike, Rolex and Mercedes, helping to land him at No. 4 on this year's list. (Photo: Roger Federer of Switzerland celebrates winning the fourth set during the Gentlemen's Singles Final match against Novak Djokovic on day 13 of the Wimbledon Lawn Tennis Championships on July 6, 2014 in London, England. Credit: Al Bello/Getty Images)
King James, Cavs star and holder of a lifetime contract with Nike, came in at No. 3 this year. (Photo: LeBron James #23 of the Cleveland Cavaliers reacts during their game against the Charlotte Hornets at Time Warner Cable Arena on November 27, 2015 in Charlotte, North Carolina. Credit: Streeter Lecka/Getty Images)
Barcelona star Lionel Messi comes in at No. 2. He currently holds the records for most goals in a calendar year and most hat tricks, and he has an endorsement deal with Adidas. (Photo: Messi of FC Barcelona with the match ball after scoring three goals during the La Liga match between FC Barcelona and RCD Espanyol at Camp Nou on December 7, 2014 in Barcelona, Spain. Credit: Alex Caparros/Getty Images)
Ronaldo is the world's highest paid athlete for the first time in 2016. He has been FIFA player of the the year three times, and he has a major endorsement deal with Nike. (Photo: Ronaldo, of Real Madrid, celebrates after scoring Real's 2nd goal during the La liga match against and Cordoba CF at Estadio Santiago Bernabeu on August 25, 2014 in Madrid, Spain. Credit: Denis Doyle/Getty Images)
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