The New York Jets ended months of Peyton Manning speculation Friday night with an emphatic statement, announcing a three-year contract extension for incumbent Mark Sanchez.
Jets made Sanchez one of the highest-paid quarterbacks in the NFL after
a season in which they openly admitted they weren't pleased with his
rate of development. The timing also is curious, coming only hours after
they were eliminated from the Manning sweepstakes.
The deal includes $20.5 million in guarantees for 2012 and 2013 and
$40.5 million in "new" money, bringing his total over five years to
$58.25 million, according to sources. He can make an additional $10
million in escalators.
The $58.25 million gives Sanchez the
seventh-highest financial package among NFL quarterbacks, sources told
ESPN senior NFL analyst Chris Mortensen.
The amount of money in
the contract virtually assures that Sanchez will be the starter for at
least two more seasons. Sanchez, speaking to reporters for the first
time since the season ended, said he wasn't bothered by the Manning
"Not at all," he said late Friday night on a
conference call. "The best part about it is, they chose to stick with
me. I'm going to be their starting quarterback for the next few years
here and that's exciting. I'm the leader of this team and I'm excited to
Tannenbaum said they decided after the season to
extend Sanchez's contract, which had two years remaining but no
guaranteed money. At the same time, Tannenbaum never shut the door on
Manning, fueling the speculation the Jets were mulling a quarterback
Perhaps it was posturing to create leverage in the
negotiations, but the Manning flirtation also threatened to weaken
Sanchez's stature in the locker room. There was concern within the
organization about how Sanchez would handle it, sources told
Early Friday afternoon, reports began to circulate that Manning had
begun to take recruiting trips and the Jets, not surprisingly, weren't
on his itinerary.
Around 7 p.m., the Sanchez deal was finalized, according to Tannenbaum, who claimed they were in negotiations for several weeks.
looked into that possibility as someone to add to our team," Tannenbaum
said of Manning, declining to characterize the level of interest. "We
had discussions internally. We monitored the situation. As events
continued to unfold, we kept pushing the extension with Mark."
about their interest in Manning, Tannenbaum said, "When a first-ballot,
Hall-of-Fame quarterback becomes available, you look into it."
extension is surprising because Sanchez didn't improve as the
organization had hoped, as the Jets finished a disappointing 8-8.
Sanchez threw a career-high 26 touchdown passes, but he also suffered a
career-high 26 turnovers, played poorly down the stretch and feuded with
wide receiver Santonio Holmes. He was criticized by teammates for being "coddled."
A few days after the season, Tannenbaum acknowledged that Sanchez "didn't play well." So why the long-term commitment?
won a lot of football games with Mark as the staring quarterback of the
New York Jets and that's what really concerned us," said Tannenbaum,
noting Sanchez's four playoff victories. "It's not a projection, it's
not a hope, it's not an incremental leap of faith. Here's a three-year
body of work.
"That said, we don't have blinders on. It has to get
better and it will get better. We think he'll become more consistent.
Taking a long view of things, we're excited and encouraged by the
trajectory of Mark's career."
Sanchez said his performance last
season will fuel him and he also downplayed the well-documented rift
with Holmes, claiming he's been "in contact with him for the whole
offseason" and that he has visited Holmes at his home in Atlanta.
"If anything, this past year, I learned more than my first two years combined, how to handle adversity," Sanchez said.
the Jets always said they expected Sanchez to be their starter in 2012,
but they kept the Manning speculation alive, perhaps purposely.
They were one of 12 teams that contacted Manning's representatives, ESPN reported. Manning was released Wednesday by the Indianapolis Colts, and by Friday afternoon it was apparent he had no intention of signing with the Jets.
It might have been one of the shortest flirtations in free-agent history.