The New York Jets held a press conference tonight, shortly after it was announced that they were pulling out of the running for Peyton Manning. GM Mike Tannenbaum announced that the Jets have signed Mark Sanchez to a new five year deal. This is essentially a three year contract extension added to the remaining two years on the original deal. Tannenbaum told the media that they explored the possibility of adding Peyton Manning but also stated they have been negotiating the new deal for Sanchez over the past few weeks.
Tannenbaum says team has been in negotiations for several weeks with Sanchez's reps. They feel good about him as a starter.
5-year extension for Sanchez. #nyj
Tannenbaum said they came to agreement three hours ago. #Jets
He has an additional $10M in potential escalation so the maximum value of the 3 new years is $50.5M and over the whole deal is $68.25M. #nyj
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Phil Sullivan
I started JetNation in 2005 and have been a New York Jets season ticket holder since graduating from high school. My dream is to see the New York Jets win the Super Bowl. Until then, I will be right here on JetNation writing, dreaming and talking NY Jets football.
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