The New York Giants have snagged another big fish as they undergo a total rebuild on defense.

NFL Media Insider Ian Rapoport reported Wednesday that the Giants have reached agreement on a contract with former Dolphins defensive end Olivier Vernon, according to sources with knowledge of the situation.

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The contract is a monster. Rapoport reported Vernon's new deal is worth $85 million over five years with a whopping $52.5 million in guarantees. Vernon tops freshly minted defensive tackle Malik Jackson, who got $42 million in guarantees in his deal with the Jaguars.

The Giants won out in a bidding war with those Jaguars for the services of Vernon, who had his transition tag rescinded by the Dolphins earlier Wednesday. Vernon had 7.5 sacks in 16 starts with the Dolphins last season and was ranked by analytics site ProFootballFocus.com as the top 4-3 defensive end in football.

Did the Giants overpay for Vernon? Probably. The guaranteed money is a tick above what all-world defensive end J.J. Watt is getting in his current contract from the Texans. But the Giants were desperate to upgrade their terrible defense.