Insurance giant MetLife finalized a deal to buy the naming rights for the $1.6 billion stadium that will be the site of the 2014 Super Bowl.
The Jets and Giants will reportedly split $17 million to $20 million each year over 20 years for the deal.
The teams privately built the stadium, which has been known as New Meadowlands Stadium since opening last year.
The Giants and Jets were close to a deal with Allianz in 2008 that would have been worth an estimated $30 million annually.
Negotiations, however, ended when it was disclosed the that the German insurance company once had ties to the Nazis, a revelation that brought criticism from Jewish organizations, Holocaust survivors and some football fans.