Reggie Wayne is staying with Indianapolis, Ty Law is leaving the New York Jets after one season and Jamal Lewis' time in Baltimore could be coming to an end.

Wayne and the Colts agreed Wednesday to a $39 million, six-year contract, making him one of the NFL's highest-paid receivers. The deal includes a $13.5 million signing bonus.

"He's thrilled," said Wayne's agent, David Dunn. "And he has the maturity to understand the importance of winning."

The Colts and Wayne agreed to the deal less than 24 hours before the NFL's deadline to designate franchise players.

Since the team's playoff loss to Pittsburgh last month, president Bill Polian had repeatedly made it clear Wayne's contract was his top offseason priority — implying the Colts would not hesitate to use the franchise tag to keep him.

Wayne caught a team-high 83 passes last season, one more than his Pro Bowl teammate, Marvin Harrison.

Wayne has 304 receptions for 4,164 yards and 28 touchdowns in five seasons. He topped the 1,000-yard mark in 2004 and 2005, establishing himself as one of Peyton Manning's top targets.

Law was one of several veterans cut loose by the Jets, who also reworked the contract of running back Curtis Martin as they try to get down to the salary cap by March 3, the opening day of free agency.

New York is about $26 million over the cap. Law, the former Patriots cornerback who signed with the Jets before last season, was due $11 million to trigger the final three years of his contract. He tied for the league lead with 10 interceptions last season and made the Pro Bowl.

The Jets also released second-string quarterback Jay Fiedler, offensive tackle Jason Fabini, fullback Jerald Sowell, defensive tackle Lance Legree and two other backups.

The 32-year-old Martin, who ranks fourth on the NFL's career rushing list, underwent arthroscopic surgery on his right knee in December and finished the season with 730 yards rushing and a 3.3 average. He was trying to become the first player in league history to rush for more than 1,000 yards in each of his first 11 years.

Baltimore, meanwhile, said it would not protect Lewis as a franchise or transition player although it left open the possibility of re-signing him. Lewis, who rushed for 2,066 yards in 2003, had his worst season last year and can become a free agent when the signing period begins.

Lewis slumped to a career-low 906 yards with an average of 3.4 yards per carry in 2005. That followed a four-month sentence in a Florida federal prison and two months in a halfway house for a cocaine conspiracy plea bargain. He also underwent surgery on his right ankle.

One player was franchised — Buffalo cornerback Nate Clements, one of the best defensive backs available.

Clements must sign the one-year tender for $5.89 million. General manager Marv Levy said the Bills would try to sign him to a long-term deal before the season.

Clements is the league's second designated franchise player. The Jets, who also are trying to re-negotiate quarterback Chad Pennington's deal, designated John Abraham on Tuesday for $8.33 million.