There has been a rumor saying that the New York Jets have approached quarterback Mark Sanchez about restructuring his contract. Sanchez was given a contract extension in March 2012 guaranteeing his 2013 salary of $8.25 million and leaving the team with a huge cap hit if the Jets were to release him.
The Jets Blog reported the team has already reached out to Mark Sanchez to restructure his deal. There has been speculation that the Jets would try and lessen Sanchez’ 2013 cap hit by converting portion of his salary to signing bonus to spread it over the life of his contract.
— Jake Steinberg (@Steiny31) February 8, 2013
JetNation has obtained information from Mark Sanchez’s agent, and older brother, Nick Sanchez saying the Jets have not approached Mark for a contract restructure.
Source: Is it true that the Jets have reached out to Mark Sanchez to explore restructuring his contract
Nick Sanchez: No
Here is a discussion thread about Mark Sanchez from the Jets Nation message board.
UPDATE: NY Post reporter Brian Costello is confirming Sanchez has not been approached by the Jets for a restructure:
Also, I know there was some talk of this, but the Jets have not asked Mark Sanchez to restructure his contract, per source. #nyj
— Brian Costello (@BrianCoz) February 12, 2013