NEW YORK — The New York Jets have agreed to a multiyear extension, with an option for the next three years, the team announced Monday.
The deal was reached Monday night after a meeting at Jets headquarters in New York, according to a source familiar with the situation.
The extension is worth $24 million over three years with an $11 million buyout.
The Jets have the fifth-most salary cap space in the NFL, and they’re the only team without a franchise tag.
New York’s new contract includes $11.8 million in dead money.
The agreement includes $2 million in incentives, including a $2.5 million signing bonus.
It also includes $4 million in performance bonuses.
The $4.5-million bonus will be paid on Jan. 3 if the Jets are ranked No. 1 in the AFC or No. 4 in the NFC.
The club’s new deal also includes an $8 million signing incentive for the third-year player.
It includes $3.3 million in salary-cap relief and $3 million more in guarantees for rookies and international players.