Two weeks after being slapped with the franchise tag, Folk signed a four-year, $12 million contract that includes $2.1 million in guaranteed money, a league source confirmed. The Jets announced the agreement on Tuesday, but did not confirm the terms.
Folk was seeking at least $3 million per year. If he had played the season for the franchise amount, he would've earned $3.556 million.
At the end of the season, Folk expressed his desire for a long-term deal. Previously, he played on four one-year contracts with the Jets, earning $780,000 last season.
By rule, the two sides had until July 15 to work out a multiyear contract. Folk was one of only four players who received the franchise tag, and the only kicker.
Folk is coming off a career year in which he made 33 of 36 field goals, including three game-winners in the fourth quarter or overtime. He earned the nickname "Folk Hero," coined by coach Rex Ryan.
He enjoyed one of the best seasons for a kicker in franchise history, making a team-record 23 straight field goals to start the season. He also recorded a career-high 30 touchbacks.