Coherent jets with most of the kinetic energy of the flow are common in atmospheric turbulence. In the gaseous planets these jets are maintained by incoherent turbulence excited by small-scale convection. Large-scale coherent waves are sometimes observed to coexist with the jets; a prominent example is Saturns hexagonal North polar jet (NPJ). The mechanism responsible for forming and maintaining such a turbulent state remains elusive. The coherent planetary-scale component of the turbulence arises and is maintained by interaction with the incoherent small-scale turbulence component. Theoretical understanding of the dynamics of the jet/wave/turbulence coexistence regime is gained by employing a statistical state dynamics (SSD) model. Here, a second-order closure implementation of a two-layer beta-plane SSD is used to develop a theory that accounts for the structure and dynamics of the NPJ. Asymptotic analysis of the SSD equilibrium in the weak jet damping limit predicts a universal jet structure in agreement with NPJ observations. This asymptotic theory also predicts the wavenumber (six) of the prominent jet perturbation. Analysis with this model of the jet/wave/turbulence regime dynamics reveals that jet formation is controlled by the effective value of $beta$; the required value of this parameter for correspondence with observation is obtained. As this is a robust prediction it is taken as an indirect observation of a deep poleward sloping stable layer beneath the NPJ. The slope required is obtained from observations of NPJ structure as is the small-scale turbulence excitation required to maintain the jet. The observed jet structure is then predicted by the theory as is the wave-six disturbance. This wave, which is identified with the least stable mode of the equilibrated jet, is shown to be primarily responsible for equilibrating the jet with the observed structure and amplitude.