Florham Park, NJ -- (Sports Network) - The New York Jets announced Wednesday that they have reached an agreement on a contract with quarterback Mark Sanchez.

The team didn't announce terms of the deal, but several media sources indicate it's a five-year contract worth up to $60 million, with $28 million of that guaranteed. The deal makes Sanchez the highest-paid player in Jets history.

Sanchez, the fifth overall pick in the 2009 NFL Draft, will compete with Kellen Clemens for the starting QB job.

"This is just the beginning and that comes with a lot of responsibility, just like being the quarterback here," said Sanchez. "And I'll be working every day on and off the field to justify this contract."

The Jets, along with general manager Mike Tannenbaum, made the announcement while Sanchez was at practice during a minicamp session.

"I think the agreement works well," said Tannenbaum. "I think there was good give-and-take like there always is. I'm really comfortable with the agreement. I think it's good for Mark and I think it's good for us as well."

The USC product was 241-for-366 with 10 interceptions for a 65.8 completion percentage with 3,207 yards and 34 touchdowns last year while leading the Trojans to a 12-1 record and a Rose Bowl victory over Penn State.

"I'm just happy for Mark and for Mike Tannenbaum and the football staff that the business stuff is behind them where Mark is concerned," Jets coach Rex Ryan said in a statement. "From here on out it's about football. He's a great young man who has been working hard since he got in here and I'm excited that we have him in the fold."