Finally, it’s over. 

Jay Glazer of FOX reports that the Green Bay Packers and the New York Jets have reached agreement on a trade for quarterback Brett Favre.

The compensation that the Packers will receive isn’t known, but it’s expected to be a conditional draft pick in 2009 that escalates based on Favre’s performance and/or the team’s success.

Glazer also points out that the Jets are likely to release a quarterback, and that the victim likely will be Chad Pennington.  Per NFLPA records, Pennington has a base salary of $6 million in 2008.

Favre’s 2008 base salary is $12 million, and the Jets would be required to assume that entire figure as soon as Favre joins the team — absent a restructuring of his contract.