Coles had been seeking a contract extension, but guaranteeing the remaining two years is an apparent compromise between the team and the receiver. Coles had been critical of the Jets earlier in the offseason for spending money on players from outside and not taking care of players already on the team.
The Jets were one of the most active teams in the NFL's free-agency period, signing left guard Alan Faneca, defensive end/linebacker Calvin Pace and right tackle Damien Woody to big-money deals and acquiring defensive tackle Kris Jenkins from Carolina.
In total, the team doled out approximately $142 million for the four players -- $74 million of it guaranteed.
Coles, 30, has been a team captain and is one of the most respected leaders in the Jets' locker room. He appeared in 12 games last season, catching 55 passes for 646 yards with six touchdowns. Coles caught 91 passes for 1,098 yards in 2006.
Coles spent the first three years of his career with the Jets and returned to the team in 2005 after a two-year stint with Washington.
The Jets are coming off a 4-12 season under second-year coach Eric Mangini and general manager Mike Tannenbaum. The team made the playoffs as a wild-card team in the first season of the new Jets regime.
Pat Yasinskas covers the NFL for ESPN.com.