According to various sources, the New York Jets came to an agreement Wednesday morning with WR Santonio Holmes, who was their #1 free agent priority. The deal is reportedly for 5 years but Holmes won't officially sign until Friday, which is the first day of free agent signings.
Holmes' deal, believed to be around $10M/year, is so big that it probably means they can't afford to re-sign WR 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. Edwards is due in a Cleveland court later today, as he might have violated probation that he received last year.
UPDATE: Holmes' contract is $50M for 5 years, including $24M in guaranteed money.
In other news, QB Kellen Clemens signed a 1-year contract with the Washington Redskins. Clemens, who once competed with QB Mark Sanchez for the strating job, was demoted to #3 QB last season.
UPDATE: Holmes will count only $2.45M against the 2011 cap. He will receive a $1M base salary in 2011.