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. That's the highest guarantee ever given to a wide receiver.

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.