The Brett Favre era in Green Bay officially came to an end late Wednesday night as the legendary longtime Packers quarterback was traded to the New York Jets, the Packers announced.
The exact compensation wasn't immediately available, but it is believed to be a fourth-round draft pick that increases in value depending on how the Jets perform in the 2008 season.
According to the NFL Network, if Favre takes 50 percent of total snaps with the Jets in 2008, the fourth-rounder becomes a third-round pick. If he gets 70 percent of the snaps and the Jets make the playoffs, it becomes a second-round pick; and if he gets 80 percent of snaps and the Jets make the Super Bowl, it becomes a first-round pick.
The Packers had been talking with the Jets and Tampa Bay Buccaneers since deciding earlier this week that the team and the three-time MVP couldn't coexist. The Packers decided to move forward with Aaron Rodgers as their starter after Favre announced his retirement in March.
"Brett has had a long and storied career in Green Bay, and the Packers owe him a tremendous debt of gratitude for everything he accomplished on the field and for the impact he made in the state," Green Bay officials said in a statement.
"It is with some sadness that we make this announcement, but also with the desire for certainty that will allow us to move the team and organization forward in the most positive way possible."
Packers general manager Ted Thompson, coach Mike McCarthy, and president and CEO Mark Murphy are expected to hold a news conference Thursday morning to discuss the deal.
Jets chairman and CEO Woody Johnson issued a statement early Thursday.
"I am looking forward to seeing Brett Favre in a New York Jets uniform," Johnson said. "He represents a significant addition to this franchise, and reflects our commitment to putting the best possible team on the field. Mike Tannenbaum and his football administration staff did a great job of navigating this complex process. I am excited about welcoming Brett, Deanna and their family to the Jets organization."
The NFL Network also is reporting that the Packers took great pains to ensure that Favre would not be traded to the Vikings by inserting a "poison pill" in the deal. If Favre were to be traded to Minnesota, New York would have to surrender three first-round picks to Green Bay.
The overall agreement was first reported by Fox Sports on its Web site.
"We just felt like this was an opportunity to go get somebody of Brett's stature and what he's accomplished," Jets GM Tannenbaum said in a conference call early Thursday morning. "We felt it was in the best interest of the team, and when the opportunity presented itself, we felt it was the right move for us to make and we went ahead and did it."
A number of fans made it clear throughout training camp that they wanted Favre on the Jets with signs and "Get Brett!" chants. Favre's new No. 4 Jets jersey already was for sale on the team's Web site about an hour after the trade was announced.
Tannenbaum, who said he had a "good" conversation with Favre, wouldn't speculate as to whether the quarterback will play in New York beyond this season.
"We had discussions with him and his agent, Bus Cook," Tannenbaum said, "and we're going into this and we're going to take this one year at a time and we're excited to have Brett on the team this year."