The New York Jets announced tonight that they were out of the running for Peyton Manning and then had a press conference to announce that they’ve signed quarterback Mark Sanchez to a new five year deal. This is essentially a three year contract extension, since Sanchez had two years left on his rookie contract. General manager Mike Tannenbaum stated that while the Jets did explore bringing Manning in, but declined to discuss the Jets level of interest. Since the negotiations with Sanchez have been going on for a couple of weeks, it's probably safe to guess that they weren't that interested. This deal means an additional $40 million ($13.5 million per season) for Sanchez, meaning over the next five years Sanchez is owed $58.25 million. $20.5 million is guaranteed, with $10 million in potential bonuses.
[caption id="attachment_519" align="alignright" width="300" caption="Mark Sanchez // Photo by Reed Saxon, the AP."]
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The deal will probably clear up cap space in the short term, meaning additional flexibility for the upcoming free agency period. Free agency begins March 13th.
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