The agreement, announced late yesterday at a press conference here, came after three days of intense negotiations and supplants an earlier agreement between the Giants and the NJSEA. The Jets, of course, saw their plan for a new stadium on Manhattan's West Side fall apart earlier this year, and in the meantime had been courted by the Borough of Queens.

"We have come to a historic agreement to keep the Giants and Jets where they belong," Acting Gov. Richard Codey said. He and NFL commissioner Paul Tagliabue are being given credit by both teams for their roles in brokering the agreement.

"We think if we pool the respective talents in our organizations, we can create the premier football stadium and entertainment complex in the NFL," John Mara, EVP of the Giants, said. "I think both sets of fans can look forward to enjoying rooting for their teams here."

"We are very enthusiastic to be here in New Jersey," said Jets' chairman and CEO Woody Johnson. "This hopefully will be a great partnership for many years."

And "many years" translates into 99, the number of years of the agreement. The stadium itself will rise between the existing Giants Stadium and the Meadowlands Race Track. Development of the rest of the site remains to be negotiated--both teams have submitted proposals to the NJSEA. If the teams can't agree to an overall site plan, the matter will go to arbitration under the terms of the agreement. Proposed uses by both teams for the allotted 75 acres include a complex of restaurants and stores and a hall-of-fame museum complex, all of which would be connected to the Xanadu retail and entertainment center rising around the adjacent Continental Airlines Arena.

And while discussions on the design have included a venue with a retractable roof, that won't happen, at least not for now. But the stadium is expected to be built "roof ready" so a dome could be added later.

The agreement also calls for the NJSEA to acquire sites for practice facilities for the two teams. The Giants' current on-site facility would be replaced by a new one, also on-site. The Jets would move their operations over from their existing facility at Hofstra University on Long Island to a location to be determined within a 20-mile radius of the new stadium.

Under the terms of the agreement, the NJSEA would cede operational control of the stadium to the two teams. The NFL will contribute at least $150 million to the project, with the two teams splitting the rest of the cost. The NJSEA, a state agency, will spend $30 million on the site's infrastructure. The Giants and Jets will also split the stadium's revenues equally, although they will individually keep any money generated by team sponsors.

The name of the stadium remains to be determined. Representatives of both teams said yesterday that the naming rights will be sold to the highest bidder.