Jets Officially Trade Darrelle Revis To The Buccaneers

ESPN’s Adam Schefter reports that the Jets have officially traded CB Darrelle Revis to the Buccaneers.

Jets compensation:

• The Jets will receive Tampa Bay’s No. overall pick in 2013, as well a conditional fourth-round pick in 2014 that could end up being a third-rounder.
• The conditional draft pick is based on whether or not Revis on the Bucs roster as of the day of the 2014 league year, which means this will almost certainly end up being a third-round pick.

Contract details:

• Revis he receives a six-year deal worth $96 million, but includes no guaranteed money.
• He’ll make $16 million annually and is under contract through the 2018 season.
• Revis will have a $1.5 million roster bonus and a $1.5 million workout bonus in each season of the contract.
• He’ll receive base salaries of $13 million.
• His previous contract has been ripped up, so this is not an extension.

Other notes regarding the trade:

• The agents for CB Darrelle Revis have announced that their client has agreed to terms with the Tampa Bay Buccaneers.
• Revis’ business manager tweeted out an imagine of Revis signing a contract with the Buccaneers.
• Revis will still count as $12 million in dead money on the Jets’ books for the 2013 season, according to Overthecap.com.
• Because Revis receives no guaranteed money in his next contract, the Bucs can release him without taking a cap hit.
• Mike Florio of Pro Football Talk mentions that the deal is essentially a one-year deal with five team options.

The fact that Revis felt confident enough to accept a deal with any guarantees is really surprising. Especially when you consider that he’s coming off of a serious knee injury and the team could easily get out from underneath this contract if he were to struggle to return to his previous form. Still, Revis stands to make $32 million by just playing two years.

We’ll have more as the new becomes available.

Update:

Jason Cole of Yahoo! Sports reports that the Jets and Buccaneers have already reach an agreement on trade for CB Darrelle Revis and a deal could be finalized by tonight or on Monday morning.

Cole adds that the Buccaneers have an agreement with Revis on a “basic contract. Revis is scheduled to fly to Tampa Bay this afternoon and take a physical with the Bucs.

• Jeff Darlington reports that Revis is currently at the Buccaneers’ facility and adds that the trade is progressing.
• Roy Cummings reports that Bucs HC Greg Schiano is picking Revis up from the airport, which appears to be an indication that a trade is close to being finalized.
• Brian Costello reports that the Jets will receive Bucs’ No. 13 overall pick in this year draft. New York will “probably” receive 2014 mid-round picks.
• Manish Mehta confirms that the two sides have worked out framework regarding Revis trade, and the Bucs have the general parameters of contract in place.
• Jason La Canfora tweets that there’s “almost zero chance this doesn’t get done.“
• Albert Breer adds that the Jets could end up taking the fifth-round pick they receive and send it to the Saints for RB Chris Ivory.

We’ll have more as the news becomes available.

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Update:

Tony Pauline reports that a source close to the situation has informed him that there’s now a “75 percent chance” that the Jets trade CB Darrelle Revis next week.

The Buccaneers and the Jets are still working on what the total compensation will be for Revis, but they have every incentive to get this deal done sooner rather than later. Revis would have to meet with the Buccaneers doctors to examine his surgically repaired knee, and the Bucs would also have to sign him to a long-term contract, but that’s not expected to be a major issue.

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Jason Cole of Yahoo Sports reports that the Jets would likely need an trade agreement in place for CB Darrelle Revis by “early next week” if they want to maximize their return.

“Because of the knee injury, this isn’t a really simple transaction,” said one of Cole’s sources. “No matter what the MRI on Revis’ knee showed Monday, any team that picks him up is going to want to do its own work and some very thorough work. There’s a lot at stake.”

Revis’ surgically repaired knee was examined on Monday by the New York Giants team doctor, but it makes plenty of sense that Tampa Bay would want to have their doctors look at his knee, especially considering the draft compensation they would be parting with to acquire him from the Jets.

“This would be almost impossible to pull off on draft day if people are thinking it’s going to happen that way,” said a separate source.

The Buccaneers are reportedly willing to include their No. 13 overall pick in the deal; just as they’re also willing to lock Revis up long-term. Previous reports have indicated that Revis could be targeting as much as $15-$16 million per year in his next contract, which would make him one of the league’s highest paid players.

There’s a good chance that talks between the two sides will pick up over the weekend and in the early part of next week.