On Monday, Schefter reported Moncrief's one-year deal is worth $9.6 million and is fully guaranteed. There is also $2 million in incentives, per Schefter.
The 24-year-old is coming off a down year in which he registered just 26 receptions for 391 yards and two touchdowns in 12 games for the Indianapolis Colts.
The 2014 third-round pick showed promise during each of his first three seasons in Indianapolis, but with quarterback Andrew Luck out for the entire 2017 campaign, he struggled to build a rapport with replacement Jacoby Brissett, who favored T.Y. Hilton and Jack Doyle.
His best season came in 2015 when he finished with 64 receptions for 733 yards and six touchdowns as one of Luck's top targets.
Moncrief was limited to nine games in 2016 due to injury, but he had a nose for the end zone with a career-high seven touchdowns to go along with 30 catches for 307 yards.
During his four-year career, Moncrief has racked up 152 grabs for 1,875 yards and 18 scores.
Moncrief has yet to prove that he can be a go-to wideout in the NFL, but he was a solid complementary target in Indianapolis, and he has a chance to play a similar role for the Jags.
Despite lacking much top-end talent outside of Hilton at receiver, the Colts opted to let Moncrief hit free agency, which may speak to the notion that the current regime wasn't as impressed with him as the one that drafted him.
Moncrief will have a clean slate in Jacksonville, and there should be more consistent opportunities for him to contribute than there were with the Colts in 2017. Former Jaguars wideout Allen Robinson has left the Jags to sign with the Chicago Bears.
One of the biggest keys to Moncrief's success moving forward will be staying healthy, as he has missed 11 games over the past two seasons.