I think you're very low, Salaries are often determined by percentage of cap (of the year of signing) and how good of a player you think they are.
There were a ton of QBs signed in 2023 making it fairly easy to compare.
2023 QB signed contracts in Millions Per Year and then percentages using $224.8 million cap.
$55.0 - Joe Burrow - 24.5%
$52.5 - Justin Herbert - 23.4%
$52.0 - Lamar Jackson - 23.1%
$51.0 - Jalen Hurts - 22.7%
$40.0 - Daniel Jones - 17.8%
$37.5 - Derek Carr - 16.7%
$25.0 - Geno Smith - 11.1%
$24.25 - Jimmy Garoppolo 10.8%
I'm guessing Love's agent would be starting at 25% and wouldn't let Love go below 22%, so let's say 22.5%. Looking at one of the 2024 Cap Predictions, they use $242.5 million. That's a tad more than 54.56 million per year.
Of course, it'll probably look better than that, as it'll be an extension, using his current 2024 of $11 million. So I'm thinking 4 year $175 million or 5 year $230 million extension. That's actually new money of 3 years $164 million or 4 years 218 million.