So... it finally happened. The Jets and Revis reached an agreement. Reports are that it's a 7-year deal for some big amount, but that the final 3 years are voidable and essentially fake, added to boost the contract appearance.
The real meat is 4 years, $46 million ($32 million guaranteed) making him the second-highest paid cornerback in the league, as far as I can tell. Asomugha got just over $15 million a year, Dunta Robinson $10 million a year and Asante Samuel $9.5 million a year.
This, shockingly, seems like a fairly reasonable deal for both parties. One reason the Jets shouldn't be too displeased is the nature of Revis' rookie deal, which contained a buy-out clause for years 5 and 6 -- which could in turn be nullified by the Jets by paying nearly $16 million guaranteed for those two years (plus escalators to a possible total of around $20 million).
So, essentially, the Jets are paying Revis $46 million for 4 years instead of half that for 3. The real lift in salary for Revis is this year, where his rookie contract only called for something like a million dollars (which is why he wouldn't play).
http://www.nydailynews.com/sports/football/jets/2010/09/05/2010-09-05_rex_ryan_meets_with_new_york_jets_allpro_cornerback_darrelle_revis_to_discuss_co.html