(Updated) NFL: Santonio Holmes Agrees to 5-Year, $50 Million ($24 Guaranteed) Contract with Jets

Posted by Sabrina B. @gametimegirl

The New York Jets addressed the No. 1 item on their free-agent list, coming to terms Wednesday morning with wide receiver Santonio Holmes, according to a league source.

The deal is for five years and $50 million with $24 million guaranteed, sources told ESPN NFL Insider Adam Schefter. It’s one of the highest guarantees ever given to a wide receiver. The Cardinals gave Larry Fitzgerald a $30 million guarantee.

By rule, Holmes isn’t permitted to sign the contract until Friday.

Holmes’ deal is so big that it probably means they can’t afford to re-sign Braylon Edwards, another high-profile free agent. Edwards is coming off a strong season, but the Jets prioritized Holmes because of his speed and game-changing ability.

“It was such a luxury to have both of them last year,” quarterback Mark Sanchez said Tuesday. “It’s almost unrealistic to have that kind of a receiving corps again.”

Upon hearing the news, Edwards posted a message on his Twitter account: “Congrats to Santonio. A great player and great friend.”

If Edwards leaves, as expected, the Jets likely will look for a cheaper alternative to plug into the starting lineup, which means the Randy Mossspeculation will heat up. Despite his baggage, and an awful 2010, Moss is expected to draw interest from the Jets. They also could check in on former Giants receiver Plaxico Burress, who is reportedly scheduled to meet with the Giants this week.

The Jets’ receiving corps also includes veteranJerricho Cotchery, coming off back surgery. Brad Smith, a free agent, has attracted several teams.

The Jets acquired Holmes from the Steelers for the modest price of a fifth-round draft pick. After several off-the-field incidents, the Steelers grew tired of his act and were willing to part with him before he entered the final year of his contract. He was only a year removed from his shining moment, a game-winning, circus catch in the final moments of Super Bowl XLIII. He was named the Super Bowl MVP.

After serving a four-game suspension for violating the league’s substance-abuse policy, Holmes made an immediate impact with the Jets, making huge plays in the final minute of three consecutive games last November. Even though he played in only 12 games, he finished with 52 receptions for 746 yards and six touchdowns.

This move isn’t without risk, as Holmes is one strike away from a one-year suspension by the league. The Jets may have insisted on language in the contract that allows them to recoup bonus money in the event that he gets suspended again.

Rich Cimini covers the Jets for ESPNNewYork.com & FULL STORY HERE

Follow Rich Cimini on Twitter: @RichCimini

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ORIGINAL STORY:

The New York Jets addressed the No. 1 item on their free-agent list, coming to terms Wednesday morning with wide receiver Santonio Holmes, according to a league source.

The deal is for five years, sources told ESPN NFL Insider Adam Schefter. By rule, Holmes isn’t permitted to sign the contract until Friday.

Holmes’ deal, believed to be in the $10 million-a-year range, is so big that it probably means they can’t afford to re-sign Braylon Edwards, another high-profile free agent. Edwards is coming off a strong season, but the Jets prioritized Holmes because of his speed and game-changing ability.

“It was such a luxury to have both of them last year,” quarterback Mark Sanchez said Tuesday. “It’s almost unrealistic to have that kind of a receiving corps again.”

f Edwards leaves, as expected, the Jets likely will look for a cheaper alternative to plug into the starting lineup, which means the Randy Mossspeculation will heat up. Despite his baggage, and an awful 2010, Moss is expected to draw interest from the Jets. They also could check in on former Giants receiver Plaxico Burress, who is reportedly scheduled to meet with the Giants this week.

The Jets’ receiving corps also includes veteranJerricho Cotchery, coming off back surgery. Brad Smith, a free agent, has attracted several teams.

The Jets acquired Holmes from the Steelers for the modest price of a fifth-round draft pick. After several off-the-field incidents, the Steelers grew tired of his act and were willing to part with him before he entered the final year of his contract. He was only a year removed from his shining moment, a game-winning, circus catch in the final moments of Super Bowl XLIII. He was named the Super Bowl MVP.

After serving a four-game suspension for violating the league’s substance-abuse policy, Holmes made an immediate impact with the Jets, making huge plays in the final minute of three consecutive games last November. Even though he played in only 12 games, he finished with 52 receptions for 746 yards and six touchdowns.

This move isn’t without risk, as Holmes is one strike away from a one-year suspension by the league. The Jets may have insisted on language in the contract that allows them to recoup bonus money in the event that he gets suspended again.

Rich Cimini covers the Jets for ESPNNewYork.com & FULL STORY HERE

Follow Rich Cimini on Twitter: @RichCimini