Below is a diagram of hydraulic jump that I found on Google Images that shows all the key elements. In "Region 1", $Fr > 1.0$ and in "Region 2", $Fr < 1.0$. In between these two regions, the Froude number is transitioning from one value to the other. If the upstream Froude number is increased, the ratio of fluid height before and after the jump will increase.
By the way, this diagram is for one-dimensional flow; The sink problem is a little different because it's two-dimensional; the cross-sectional area of the flow is increasing as the flow moves outward.
I also found this image, which shows another important feature: the flow leading up to the jump is steadily decreasing in velocity and increasing in height. These two events are what drive down the Froude number to the point that it falls below 1.0.
So, how does the jump start in the first place? Look at the second image; even before we get to the jump, the height of the fluid downstream is slightly higher than the fluid upstream. This causes the fluid to want to flow upstream, against the flow. More specifically, there is a surface wave trying to flow upstream. It can't flow upstream, however, because its velocity is slower than the fluid velocity. Eventually though, the fluid slows enough (due to friction) such that it approaches the speed of the surface wave. At this point the wave is not carried away by the flow any more, it stays put and pushes back against the flow. This causes a build-up of fluid until finally the kinetic energy of the incoming fluid balances the potential energy of the fluid after the jump. At this point an equilibrium is reached. We can use Bernoulli's equation to analyze this equilibrium:
$$\frac{v^2}{2} + gz + \frac{p}{\rho} = constant$$
This equation is a form of energy balance. The three terms in the equation represent kinetic, gravitational potential, and pressure (potential) energy (respectively). Ignoring losses due to friction, their sum is constant across the hydraulic jump. The flow entering the jump has a lot of kinetic energy, but not much potential energy. The flow leaving the jump however, has less kinetic energy but a lot more potential energy because its higher than the upstream flow. The pressure of the fluid probably doesn't change much, so we can just ignore the pressure term.
Equating the sums of energies of the inlet and outlet flows gives:
$$\frac{v_{in}^2}{2} + gz_{in} = \frac{v_{out}^2}{2} + gz_{out}$$
There is also a nice derivation of the momentum equation for this case in the Wikipedia article on hydraulic jump.