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.
In the nine games from Week 8 (after he eased himself into the Jets’ offense) to Week 16 (he didn’t play much in the final week), Holmes averaged 4.9 receptions for 71 yards and .56 TDs. That equates to 15.3 fantasy points per game in PPR formats, or WR9 numbers. He has been going in the 5th or 6th in fantasy drafts this summer, but with his contract settled, his ADP may rise into the 4th/5th turn. He's a terrific value in the 5th and a solid value in the 4th.