The .300 Hitter: Jets bet on Sanchez... kind of

By Adam Cancryn

The New York Jets gave their quarterback a big contract extension. Or at least, it appears so, until you dig into the details.

After a week in which Peyton Manning embarked on his cross-country courtship and the Washington Redskins went all in on Robert Griffin III, the New York Jets signing Mark Sanchez to a three-year extension seemed like a particularly ill-timed consolation prize.

This was a week, after all, in which a number of lesser teams aggressively pursued the players that they believed would make them better, and perhaps even put them over the top. The Jets, meanwhile, appeared content with the status quo, so content that their only move was to lock down the centerpiece from last year's .500 season, and do it at a three-year, $40.5 million headline price that induced sticker shock among the team's fans.

Appearances, however, do not always mirror reality, and in the case of Sanchez's contract, the contrast between appearance and reality is fit for a carnival fun house. Here's NYJetsCap.com breaking down the specifics of the extension:

Prior to the extension Sanchez had two years remaining on his contract at a total pay out of $17,750,000, none of which was guaranteed. He may have been able to raise that total by about $1.5 million depending on playoff wins and performance. Had the Jets moved on from Sanchez the dead cap hit this season would have been just over $5 million.

Under the new agreement Sanchez receives a two year cash payout of $20,250,000, which is not a large boost if you assume the team would have made a deep run in the playoffs and Sanchez played decent during the course of the season.

In exchange for that extra $2.5 million, much of which Sanchez might have made anyway, the Jets also get to nearly halve their cap commitment in 2012, the site added. And all that guaranteed money runs out after 2013, meaning New York then has the option to keep him for another three years or cut him on the spot at roughly the same cost. The net effect is that the Jets stabilized themselves at quarterback for a length of time that they get to determine. Sanchez, meanwhile, got his probationary period extended to two years, from the one year he previously had.

All in all, that's a low-risk deal for a 26-year-old quarterback who, despite the vitriol lobbed his way last year, has improved statistically every season and been a significant part of ("led" might be too strong of a word in this situation) two deep playoff runs in three years. Sanchez's stats so far track closely with those of Eli Manning, another big-market quarterback whose skills and leadership were questioned early in his career. We all know what has happened since then with Manning, and if Sanchez sees anywhere near that success, this contract extension could be considered one of the best in the league. Consider that the Giants made Manning the NFL's richest quarterback in '09 with a six-year, $97.5 million extension following an 8-8 season of their own. Even if Sanchez exceeds Manning's success over the next two years, his payday is paltry by comparison. And if he doesn't, the Jets can cut ties and start over.

Beyond the financial advantages, Sanchez's extension quashes any speculation about the position for the rest of the offseason. New York can now focus on the many areas that truly need improvement, a list that includes rebuilding much of the defense. The Jets' once-ferocious linebacking corps needs to be upgraded, especially if inside backer Bart Scott is traded. The team is also soft at safety, and could use bona fide pass rusher.

The draft should help fill a couple of those needs, though which ones are still up in the air. Early mock drafts have the Jets taking a variety of defenders (and even receiver Malcolm Floyd) with their No. 16 overall pick. There is also some opportunity in free agency thanks to the reduced cap hit from Sanchez's contract, though the appropriate targets are few. One possibility would be to bring back defensive end/linebacker John Abraham, who could fill the hybrid pass-rushing role that he established for himself during his first stint with New York.

Those are the franchise's major question marks, but for the first time in a while, one of them doesn't involve their quarterback. The Jets are now hitched to Sanchez for better, and if things turn out for worse, they can always dump him in two years and start anew.


The Week Ahead (all times EST)- Your guide to what to watch-- and what to watch for-- this coming week

College Basketball- NCAA Tournament (printable bracket here)
Play-in games- March 13-14 (TBD)
First round- March 15-18 (TBD)
NBA
Knicks at Bulls- March 12 at 8 p.m. (ESPN)
Heat at Magic- March 13 at 7 p.m. (NBATV)
Heat at Bulls- March 14 at 9:30 p.m. (ESPN)
Thunder at Nuggets- March 15 at 9 p.m. (FSOKHD/Altitude Sports)
Blazers at Thunder- March 18 at 9:30 p.m. (ESPN)

NHL
Bruins at Lightning- March 13 at 7:30 p.m. (NESN/SUN NET)
Penguins at Rangers- March 15 at 7 p.m. (NHLNET)
Blackhawks at Stars- March 16 at 8:30 p.m. (CSNC/FOX SW)
Penguins at Devils- March 17 at 1 p.m. (FOX PITT/MSG+)
Blues at Lightning- March 17 at 7 p.m. (NHLNET)
Penguins at Flyers- March 18 at 12:30 p.m. (NBC)
MLB Spring Training
Marlins at Red Sox- March 12 at 1:30 p.m. (ESPN)
Mets at Tigers- March 14 at 1 p.m. (ESPN)

In the Kitchen- Tracking the major hot stove stories

• The Peyton Manning sweepstakes will likely be decided by the end of this week, with ESPN reporting that the Arizona Cardinals and Denver Broncos are frontrunners. The Miami Dolphins are seen as a third possibility, but Manning hasn't visited them or the Seattle Seahawks.
• The San Francisco 49ers plan to work out Randy Moss as a possible addition to their thin receiving corps. Moss had previously retired, but announced a couple months back that he would like to return to the NFL. This is his first reported tryout. 
• Rumors flew on March 9 that Lakers forward Pau Gasol had been traded, but nothing has been made official so far. The last word was that the Houston Rockets were the closest to wrapping up a deal, but there's largely been radio silence since Friday.
• The Chicago Cubs became the latest team to add a Cuban prospect, signing pitcher Gerardo Concepcion to a five-year contract. The 20-year-old lefty will receive $6 million, which includes a $3 million signing bonus. The Cubs will add him to the 40-man roster, but start him out this season in the minors.

Web Gems- The week's best, worst or strangest Internet sports finds

A throwback player, with a wardrobe to match- The story of 82-year-old Marty Reisman, a holdover from the golden era of ping-pong.

Patrick Hruby talks about humor in journalism, plus loads of other good stuff- An illuminating, wide-ranging interview with Washington Times culture writer and freelance sportswriter Patrick Hruby.

When all else fails, there's still Federer- WSJ columnist Jason Gay on the enduring majesty of Roger Federer's game.

Wait until next year. Or next. Or...- NY Magazine's Will Leitch discusses why the New York Mets' 50th season wil be nothing worth celebrating.