We've all heard since the end of last season that re-signing Santonio Holmes was top priority for the New York Jets. On Wednesday, they got their man. Sources tell ESPN's Adam Schefter that the Jets and Holmes have agreed to a five-year contract that is believed to be worth about $10 million per year. In his first season with the Jets last year, Holmes caught 52 passes for 746 yards and six touchdowns. Those totals are pretty good when you consider the Jets' staunch run-based offense and that Holmes was suspended for the first four games of the 2010 season for violating the league's substance abuse policy. Update: Schefter is reporting that the deal is worth $50 million, including $24 million guaranteed. That's not good news for those who want Braylon Edwards to stay with the Jets.

Fantasy Analysis:

Holmes is the Jets' clear No. 1 wide receiver; he's a decent WR2 in fantasy. Don't inflate his fantasy value because of this deal. He is a great receiver, but the Jets are still a run-first offense. That will temper his chances a bit. Now we'll have to see if the Jets will re-sign Braylon Edwards. But many don't think that's going to happen now since the Jets have spent so much money on Holmes and are apparently getting serious in their talks with Nnamdi Asomugha.