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 biggest guarantees ever given to a wide receiver. The Cardinals gave Larry Fitzgerald a $30 million guarantee.

In accordance with the rules of the recent labor agreement, Holmes isn't permitted to sign the contract until Friday.

Holmes' deal is so big that it probably means the Jets 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."