QB Sanchez signs extension with Jets

[WoodysGirl]

New York Jets ‏ @nyjets (https://twitter.com/#%21/nyjets)
(https://twitter.com/#%21/nyjets/status/178320605886685185)
#RL (https://twitter.com/#%21/search/%23RL) Jets GM Mike Tannenbaum on conference call tonight: QB Mark Sanchez has signed contract extension with the Jets. No terms disclosed.
Retweeted by Jim Trotter (https://twitter.com/#%21/SI_JimTrotter)

[Risen Star]

I thought they were making a run at Peyton?

[WoodysGirl]

Jason La Canfora ‏ @JasonLaCanfora (https://twitter.com/#%21/JasonLaCanfora)

Sanchez deal: 3 yr extension for $40.5M/ averages $13.5M per year. So 5 yrs left on deal for $58.25M, w/ $20.5M 100% fully guaranteed

Extension makes Sanchez 6th or 7th highest paid QB. Also, has an additional $10M in escalation so max of 3 yrs is $50.5M

Including escalation, Sanchez could make $68.25M over the next 5 total years left on his deal. On, and he'd hit market at just 30yrs old

Pete Prisco ‏ @PriscoCBS (https://twitter.com/#%21/PriscoCBS)
So one minute Jets thinking about replacing Sanchez and then extend him the next. Nice going.

I want to know where Woody Johnson prints that money the way Tannenbaum wastes it.

[Joshmil53]

Lolwut

[big dog cowboy]

Sanchez deal: 3 yr extension for $40.5M/ averages $13.5M per year. So 5 yrs left on deal for $58.25M, w/ $20.5M 100% fully guaranteed

Extension makes Sanchez 6th or 7th highest paid QB. Also, has an additional $10M in escalation so max of 3 yrs is $50.5M

Including escalation, Sanchez could make $68.25M over the next 5 total years left on his deal.
:laugh2:

[Romo 2 Austin]

Why????

[dmq]

I have no clue what the Jets are thinking here.

[Aven8]

Wow. Does this smell like a Jerry move or what?

[kmp77]

I guess the Jets like wasting money. That or they plan on drafting a QB to sit behind Sanchez for a year or two.

[WoodysGirl]

Breaking down Sanchez’s “lipstick and powder” contract

Posted by Mike Florio on March 10, 2012, 1:22 PM EST

AP
Yes, Jets quarterback Mark Sanchez will earn $20.5 million in guaranteed money in 2012 and 2013 as part of his new contract. The fact, however, that Sanchez already was due to earn $17.75 million over the next two seasons has prompted one league source to characterize the move as a “lipstick and powder” deal.

For an extra $2.75 million, Sanchez gave the Jets three straight option years, allowing the team to keep him if he finally realizes his full potential — and to cut him without further investment after the 2013 season, the 2014 season, or the 2015 season.

The contract also could be called a glorified restructuring. Per a source with knowledge of the details, Sanchez’s $11.75 million base salary for 2012 has been converted to an $8 million signing bonus, a fully-guaranteed base salary of $3.25 million, and a $500,000 workout bonus.

The move creates $6.4 million in 2012 cap space.


Read the rest: http://profootballtalk.nbcsports.com/2012/03/10/breaking-down-sanchezs-lipstick-and-powder-contract/

[Risen Star]

Breaking down Sanchez’s “lipstick and powder” contract

Posted by Mike Florio on March 10, 2012, 1:22 PM EST

AP
Yes, Jets quarterback Mark Sanchez will earn $20.5 million in guaranteed money in 2012 and 2013 as part of his new contract. The fact, however, that Sanchez already was due to earn $17.75 million over the next two seasons has prompted one league source to characterize the move as a “lipstick and powder” deal.

For an extra $2.75 million, Sanchez gave the Jets three straight option years, allowing the team to keep him if he finally realizes his full potential — and to cut him without further investment after the 2013 season, the 2014 season, or the 2015 season.

The contract also could be called a glorified restructuring. Per a source with knowledge of the details, Sanchez’s $11.75 million base salary for 2012 has been converted to an $8 million signing bonus, a fully-guaranteed base salary of $3.25 million, and a $500,000 workout bonus.

The move creates $6.4 million in 2012 cap space.


Read the rest: http://profootballtalk.nbcsports.com/2012/03/10/breaking-down-sanchezs-lipstick-and-powder-contract/

Now it makes sense.

They probably already know they can't get Manning. So you give your current starter a shiny new deal to appease his possibly bruised ego with all the Manning talk, have multiple jump off points in the deal for protection and create some cap space in the process.

Seems like a solid move to me.

[Cowboy_Shawn]

Lolwut

That was my reaction when I read the news.

Stephen A. Smith really flipped out in his article on ESPN. You'd think a bitter Jets fan wrote it instead of a paid national journalist.

[Cowboy_Shawn]

Wow. Does this smell like a Jerry move or what?

Careful now. You will have to suffer the wrath of Jerry's defenders.