Sanchez signs big-time extension

Jets quarterback Mark Sanchez has signed a three-year extension with the club. (JOE SKIPPER/Reuters...

Jets quarterback Mark Sanchez has signed a three-year extension with the club. (JOE SKIPPER/Reuters file photo)

Sports Network

, Last Updated: 12:38 AM ET

FLORHAM PARK, N.J. - The New York Jets announced Friday night that they have reached an agreement on a contract extension with quarterback Mark Sanchez.

Sanchez had two years left on his rookie contract, but his new deal means he'll add three more years to the end of that pact.

It also ends speculation that the Jets were in the sweepstakes for Peyton Manning, who was released by the Indianapolis Colts earlier this week.

The 25-year-old Sanchez reportedly got a deal worth $40.5 million, meaning he is now working under a package that totals $58.25 million.

"I'm really excited to announce we've reached an agreement in principle on a contract extension with Mark," Jets general manager Mike Tannenbaum said. "Mark's a guy we identified that we wanted to sign to an extension. It started several weeks ago. Mark's our starter and we're excited about 2012. From my standpoint, it's Mark and Rex (Ryan) going into year four. Talking to Woody [Johnson] about it, we feel really comfortable with those two positions."

Sanchez completed 308-of-543 passes for 3,474 yards with 26 touchdowns and 18 interceptions last year, but the Jets missed the playoffs after finishing with an 8-8 record, including three straight losses to end the season.

"This is one of the greatest cities in the country. To have the success we had, especially the first two years, was so much fun," Sanchez said. "And to find out that I'm coming back for three more years means so much me. I'm absolutely pleased to be a Jet."


Videos

Photos