JULY 28, 5:50pm: Jason Fitzgerald of Over the Cap has more details on Babin’s contract: 2015 will be an option year, with the exercise date coming at the end of the 2014 league year. Babin’s 2015 base salary will be $1.35MM, and it can increase based on his performance.

JULY 27, 10:05pm: Babin will receive $3.25MM over two years, reports ESPN.com’s Field Yates (via Twitter). The veteran will have a base salary worth $1.1MM in 2014, with another $500K in roster bonuses.

JULY 23, 12:21pm: The Jets have officially announced their agreement with Babin, indicating that cornerback Lowell Rose has been cut to make room (Twitter link).

10:36am: After visiting the Jets earlier this week, veteran free agent Jason Babin has agreed to terms with the team, reports Kimberly Jones of the NFL Network (via Twitter). According to Jones, it’ll be a two-year deal for the former Jaguars edge rusher.

Babin, who turned 34 in May, played in all 16 games last season for the Jaguars, racking up 31 tackles, 7.5 sacks, three forced fumbles, and two passes defended. However, after re-signing with Jacksonville in March, the former first-round pick was released by the team last month, making him an unrestricted free agent. While Babin has always been a fairly one-dimensional player, his value has declined as his ability to rush the passer has slipped from elite to simply above average.

With experience in both 4-3 and 3-4 defenses, Babin figures to compete for a roster spot and playing time at outside linebacker for Rex Ryan‘s team. The club’s projected OLB starters – Calvin Pace and Quinton Coples – and top reserve Garrett McIntyre all graded better against the run than as pass rushers last season, according to Pro Football Focus’ advanced metrics (subscription required).

Terms of the agreement aren’t yet known, but when Babin signed with the Jaguars earlier in the offseason, his three-year contract had a total base value of just $7.275MM with only $500K guaranteed. When I examined his free agent stock a couple weeks ago, I suggested that a salary in the $1.5-2MM could be about right for Babin — a deal that includes a modest base salary with several incentives may also make sense, as Jason Fitzgerald of Over The Cap tweets.

The Jets were believed to have a full 90-man roster, so a corresponding move will be necessary to clear room for Babin.