According to Adam Schefter, Vincent Jackson's contract is worth $55 million over five years, including $26 million guaranteed, $36 million in the first three years and $26 million in the first two years. In fact, according to Pro Football Talk, it's a hilarious $55,555,555 over 5 years. I am now in love with the person who came up with the exact numbers on that contract.
Knowing the way the Tampa Bay Buccaneers have structured contracts in previous years (and confirmed by PFT's report), the guaranteed money consists entirely of the first two years of salary. That would make it easy for the Bucs to cut Jackson after two years if the wideout has not performed.
More importantly, perhaps, this means the Bucs have put the majority of Jackson's salary in the first couple of years of the contract, leaving later years relatively unburdened by Jackson's pretty hefty contract. With a $13 million cap hit in 2012, the Bucs have some $31 million in salary cap space left to spend this year. Subtracting likely rookie contracts and extra maneuvering room, the Bucs have a very real $20 million or so they can immediately spend.
As for Jackson's contract, compared to other contracts at the position, his contract is pretty manageable. It doesn't come close to Larry Fitzgerald's eight-year, $120 million contract, nor does it approach Andre Johnson's seven-year, $62.7 million contract with $48 million guaranteed. Jackson may not be in their league in terms of quality of play, but neither player actually hit the open market, which has a tendency of driving up player contracts. In the end, Jackson may be getting $11,111,111 per year, but the contract seems to represent pretty good value for Tampa Bay.