The years depend on where the player was drafted, here's the chart:
#1-#5 - 7 years
#6-#16 - 6 years
#17-#32 - 5 years
2nd round - 4 years
3rd round - 3 years
4th round - 3 years
5th round - 2 years
6th round - 2 years
7th round - 1 year
Those are the maximums, you can sign guys for less than that if you want.
Deadline is next Saturday at midnight.