Manager Mike Scioscia, speaking first, said, "It's safe to say there were 29 other Major League managers who were licking their chops for when Jered was possibly going to be a free agent.
"Now going to have to sit there and watch him pitch great baseball in an Angels uniform for at least the next five years."
The deal will keep Weaver, who turns 29 on Oct. 4, in Anaheim through 2016.
As for the thought of potential free agency, Weaver said, "Eventually it comes to a point when you have to make a decision. We've had talks with the Angels and they were interested in getting something done, and I was very interested in staying here."
Ultimately, Weaver said it came down to a simple fact: "You weigh the options, and I couldn't see myself anywhere else but here. "
The deal takes care of his final year of arbitration and the first four years of free agency. While the club's policy is to not release the financial details of player contracts, the deal is reported at an average of $17 million per season and includes a full no-trade clause.
The stage for the news conference was set in front of the main stadium entrance. Former Angels Bobby Grich and Chuck Finley were in attendance, as well as Weaver's parents, Gail and Dave Weaver, and Weaver's financee, Kristin Travis.
The Angels were represented by chairman Dennis Kuhl, president John Carpino, general manager Tony Reagins, assistant general manager Ken Forsch and pitching coach Mike Butcher as well as Scioscia. Club owner Arte Moreno was in New York for Major League Baseball meetings.
With the new contract, Weaver is now the eighth highest-paid pitcher in the Majors. The 12th overall pick by the Angels in the 2004 First-Year Player Draft, Weaver has posted a 14-6 record with a 2.10 ERA in 26 starts this year. He is 78-45 with a 3.30 ERA in six seasons. His winning percentage of .634 is the highest of any Angels pitcher in history with more than 100 decisions.
He led the Majors last season in strikeouts with 233.
Weaver admitted that his agent, Scott Boras, would have preferred that he test the open market, but ultimately, it was his decision.
"Scott has his reputation, but the client has the final decision," Weaver said. "And while he would have liked to have seen me go into free agency, I told him that I wanted to see something get done."
Weaver said as soon as he decided, Boras went about trying to make it happen.
"As soon as I told him I wanted to stay here, he worked with me and the Angels to get something done," Weaver said.
The bottom line for Weaver is that he was a Southern California boy, having been born in Northridge and attended college in Long Beach.
"How much more could you possibly need?" he asked. "I never played this game for money purposes, I played it for love and for championships."
More to the point, it was a chance to stay home.
"I'm a Southern California guy and I'm happy to stay here and have my friends and family close.
"Loyalty is very important to me. The Angels drafted me and I wanted to stay here and win a championship or two or three."
Glenn Rabney is a contributor to MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.