The five-year, $35 million contract is worth $11 million in the first year.
"We always remained hopeful that it would get done before the season started," general manager Jerry Reese said. "It came down to the last few minutes and we're happy to get it done so we can move forward in our season. Plax is happy to get the contract done as well. It took a little longer than we expected it to take, but Plax was professional about it the whole time. We're excited and happy that it's over and we're ready to move forward into this new season."
Burress capped the Giants' improbable run to the NFL title by catching the winning 13-yard touchdown pass in the final minute to give New York a 17-14 victory over the New England Patriots in the Super Bowl.
Despite playing on a sprained ankle all season, Burress had a team-high 70 receptions for 1,025 yards and a career-high 12 touchdowns. He added 18 catches for 221 yards in the postseason.
Burress had three years left on his previous contract that had paid him $3.25 million this season.
Burress had refused to practice during a minicamp in June because he was unhappy the team had not renegotiated a deal.
Drew Rosenhaus, Burress' agent, said the deal was not completed until 3:45 p.m., about 15 minutes before the team had to report any contract changes to the NFL.
"I am glad we were able to get it done and that Plaxico will be able to play this season without any distractions," Rosenhaus said in a telephone interview with The Associated Press. "It went right down to the wire. It was a roller-coaster ride."
His annual salary was well below the roughly $9 million that Terrell Owens of Dallas and Randy Moss of New England make. Drew Rosenhaus, Burress' agent, said the deal was not completed until 3:45 p.m., about 15 minutes before the team had to report any contract changes to the NFL.
Burress caught 209 passes for 3,227 yards and 29 touchdowns in his first three seasons with the Giants, with all the touchdowns being thrown by Eli Manning.
"He is a big-play threat for us on the field," Reese said. "Plax opens things up for other people and he obviously can make big plays himself. Eli has all of his weapons intact and we expect them to pick up where they left off last season."
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