All Jets fans by now have heard the numbers regarding the Mark Sanchez contract extension which was made in March of this year. The $8.25 million guaranteed 2013 salary and the $17.15 million cap hit the Jets take if they release Sanchez.
This indescribable error in judgment has left the Jets few options but probably the one that would be best, even though it will still cost the Jets, is to trade him and hope some team is willing to pick up a portion of the 2013 salary. Now this is a salary dump so the potential draft pick is not important in fact the Jets are likely to get nothing for Sanchez but will gladly trade off any pick for salary relief.
Sanchez is a viable backup and some team may be willing to pay something to get him but here’s a problem. Since no team will pick up Sanchez’ contract as is, and he will not give up any salary, Sanchez will have to agree to renegotiate his contract to fit the salary portion another team is willing to take, like Jason Smith did in the Wayne Hunter trade. Smith allowed the Rams to pay a portion of his guaranteed salary so that the Jets would receive a contract salary equal to that which Hunter was making in 2012.
Unfortunately the Sanchez contract contains no offset which means if Sanchez gets released by the Jets and signs with another team he gets the $8.25 million from them and gets paid by any other team who may sign him. So it makes sense for Sanchez to force the Jets to release him leaving open the “double-dip” possibility rather than agreeing to restructure his deal so the trading team gets a contract salary for what they are willing to pay and the Jets pay the rest under their cap.
Here’s some possibilities:
- Team X offers to pickup $2 million of Sanchez 2013 salary. Jets restructure Sanchez contract so his base salary is $2 million guaranteed and pays Sanchez some bonus of $6.25 million before the trade. So Sanchez will get all his $8.25 million guaranteed salary for 2013.
- Sanchez refuses to restructure the Jets release him Sanchez is paid $8.25 million from the Jets during the 2013 season and he signs with team X for $2 million. Sanchez just made $10.25 million in 2013 by not allowing a change to his contract, since with no offset the Jets get no relief even if Sanchez signs elsewhere.
- The Jets could keep Sanchez and he’ll get his 2013 salary, along with being booed every home game, but is this really an option at this point?
The question is does Sanchez want out of New York badly enough that he will agree to do what it takes to be moved or will he force the Jets to keep or release him leaving the best option for the Jets gone, trading Sanchez and getting some salary relief?