The Jets held a press conference today to announcing the deal which will give Chrebet about $17 million over the next seven-years. Chrebet was given a $6.2 million signing bonus and guaranteed $11 million over the first three years of the deal.
"I lost sleep wondering if this would happen," Chrebet said. "This is far beyond my wildest dreams. I'm truly humbled. This is one of the happiest days of my life."
The Jets will save about $1.7 million in cap space this year by ripping up Chrebet's old contract that had one year left on it. Jets owner Woody Johnson was more than happy to give his wide receiver this new deal.
"Wayne is the type of player every team wishes they had," Johnson said.
Jets GM Terry Bradway said, "He is the epitome of consistency."
Chrebet intends on playing to the end of this contract and maybe beyond. "It's a seven-year deal and at 35, I will be playing as hard as ever."