Aaron Rodgers holds the keys to a NY Jets trade

NY Jets, Aaron Rodgers
NY Jets, Aaron Rodgers / Sam Navarro-USA TODAY Sports

*Editor's Note: A previous version of this story featured the headline "NY Jets and Packers have agreed to compensation for Aaron Rodgers trade." That was inaccurate; per Pelissero's report, the Jets are aligned on the compensation they would offer, but nothing has been agreed to by both parties. We regret the error and any confusion it may have caused.

We appear to be reaching a resolution with the NY Jets' pursuit of Aaron Rodgers, as the Jets and Green Bay Packers have reportedly agreed to terms on a trade for the star quarterback.

NFL Network's Tom Pelissero reported Thursday afternoon that the two sides have worked through compensation for a trade, and the Jets have determined what they would do with Rodgers' contract.

Essentially, everything with the transaction has seemingly been agreed to. The only remaining step is Rodgers approving the deal.

This is a significant development in this situation, as it means the Jets can essentially make the trade official as soon as Rodgers (hopefully) gives the okay. Until then, however, both sides remain in a holding pattern.

The NY Jets are doing their due diligence to make Aaron Rodgers trade a reality

The Jets and Packers had discussions about a potential trade prior to this week, but those discussions ramped up following Rodgers' visit with the Jets on Tuesday.

The Jets did their best to wine-and-dine the future Hall of Fame quarterback with the goal of convincing him to not only come to Florham Park but simply not retire, in the first place.

It's unclear exactly what Rodgers wants and what his timeframe is, although the expectation is that he will make a decision prior to the start of the legal-tampering period of free agency on Monday. From the Jets' perspective, they pretty much need him to.

The Jets need to know by early next week what their plan is for the quarterback position. If Rodgers says no, they could pivot to someone like Jimmy Garoppolo in free agency, although the former San Francisco 49ers QB is expected to have a robust market.

This isn't a significant update in the sense that we have more information about what Rodgers is going to do — we likely won't know until he announces it himself.

4 QB options if the NY Jets miss out on Aaron Rodgers. dark. Next

Instead, this simply tells us that both the Jets and Packers are ready to strike a deal as soon as Rodgers makes up his mind. The waiting game continues, but everything is in place around Rodgers.