Via the Post:

Sanchez, the new face of the franchise, the Jets' No. 1 draft pick and the fifth player selected overall, agreed to a five-year deal worth about $50 million that includes $28 million in guaranteed money, according to an NFL source.

It's believed that, if Sanchez reaches some certain incentives, the deal could escalate to $60 million.

This deal makes Sanchez the highest paid player in Jets history.

The next time you're tempted to complain about an NFL player complaining about his contract, remember this. Sanchez has a chance to develop into a terrific quarterback, but he's getting this kind of money before his first snap in the pros. Leon Washington has a track record of three years of excellent play and is set to make under $600,000 in 2009. That's a ton of money, but the Sanchez contract makes it easier to understand why he is complaining.