The deal includes a $21 million signing bonus, making Gholston the fifth rookie to get more than $20 million in guaranteed money.
The Jets and agent Ben Dogra spent most of Wednesday and Thursday working out the final details of the contract.
The signing is expected to help push a deal for fifth overall pick Glenn Dorsey, whose agent has yet to begin serious negotiations with the Kansas City Chiefs. The deal also leaves only Dorsey, No. 7 pick Sedrick Ellis of the New Orleans Saints, No. 8 selection Derrick Harvey of the Jacksonville Jaguars and No. 9 pick Keith Rivers of the Cincinnati Bengals as the only unsigned players among the top 10 draft choices.