Everyone has been waiting for the details of the New York Jets contract extension for Mark Sanchez. Though the amount of money he is set to make increases, the Jets actually come away with huge salary cap savings while also protecting themselves on the back end of the deal. Because of the signing bonus they included, the Jets will save $6.4 million in salary cap space for 2012.
The New York Jets gave Mark Sanchez an $8 million signing bonus as part of the three-year extension. Because of NFL salary cap rules, that gets spread evenly over the length of the extension. Essentially, Mark Sanchez will make more money than he was scheduled to these next two seasons, but will cost the Jets less in terms of the salary cap. It's weird, but it works for both sides. Sanchez gets his money upfront and the Jets have more cap space.
Combined with the D'Brickashaw Ferguson restructure, the Jets have saved about $13.4 million in cap space just on those two players. It's unclear if they will make any similar moves, but there is some more wiggle room available to create even more cap space if they are looking to restructure more deals.
For all of those upset about the Jets locking themselves into Sanchez for five seasons, the Jets protected themselves there as well. They are locked into him through 2013, but the final three years of the contract are essentially option years. The Jets can cut him after 2013, 2014 or 2015 and not have any more money tied up in him.
Another underrated aspect of the deal is the NFL salary cap jumps expected in the coming years. By not letting Sanchez hit the market until 2017, the Jets could save a lot of money long-term as salaries skyrocket.
So, the Jets have freed up cap space for this season, while "committing" to Sanchez long-term but protecting themselves on the back end of the deal. What's not to like?
- Be sure to follow Jets 101 on Twitter and like Jets 101 on Facebook
- The Jets have signed Mark Sanchez to a contract extension
- Will there be a set 2012 NFL salary cap?
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