Analyzing What the Mark Sanchez Contract Means from a New York Jets Perspective
The New York Jets made headlines late Friday night, with a 10:30 pm conference call announcing that young quarterback Mark Sanchez has signed a contract extension through the 2016 season.
Of course, this is the NFL, where a contract is only as good as the fine print, so allow me to clear up any misconceptions about the deal and put it in its proper perspective.
Sanchez will earn a total of $20.5 million over the next two seasons. He’s essentially locked in as the Jets starter through the 2013 season.
That’s a fair commitment for a developing quarterback, who admittedly is coming off a down season, but is still just 25 years old and has the prime of his career ahead of him.
Sanchez was previously scheduled to make $17.75 million over the next two seasons, and a raise of $2.5 million over that same span allowed the Jets to greatly reduce his cap number for 2012.
Reports say that the restructure frees up $6.4 million in 2012 cap space, allowing the Jets some short-term flexibility while also firmly committing to Sanchez through 2013, his first five NFL seasons.
$8 million of Sanchez’s 2012 salary has been converted to a signing bonus, which does not count against the cap. Sanchez will now make a guaranteed base salary of just $3.25 million in 2012.
As for the three year “extension” he received? Well, those years appear to be non-guaranteed, team-friendly option years.
If Sanchez underperforms, they can cut him loose anytime after the 2013 season with almost no repercussions against the cap, meaning the new contract is more like a two-year restructure than a new five-year deal.
In a nutshell, the Jets are not committed to Sanchez any longer than they previously were under his five-year rookie contract, and in the short-term it has given the team much needed salary cap relief.
It’s really a win-win deal for the team. They’ll stick with Sanchez for his first five NFL seasons, then reevaluate from there. If he elevates his play, he’ll be affordable in 2014 compared to market value for quarterbacks.
The Jets are putting their money where their mouth is, guaranteeing that the Mark Sanchez era will continue for at least two more seasons.
Now, the next step is getting a better supporting cast around him going forward to give him a chance at proving them right.
With free agency looming and the NFL draft coming up, they’ll have plenty of opportunities to do so.
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