Pennington gets seven-year contract extension
By BARRY WILNER, AP Football Writer
September 1, 2004
HEMPSTEAD, N.Y. (AP) -- Chad Pennington agreed to a $64 million, seven-year contract extension with the New York Jets on Wednesday that includes $23 million in guaranteed money.
A source familiar with the negotiations, speaking on the condition of anonymity, told The Associated Press that Pennington will average $9.172 million a year. The quarterback, entering his fifth season, also receives the second-largest amount of up-front money, behind only Indianapolis quarterback Peyton Manning, who got a $34.5 million signing bonus earlier this year. The total value of Pennington's deal is $64.197 million.
Both of those contracts were negotiated by Tom Condon, who was not available for comment Wednesday. The Jets do not release contract terms.
Pennington had set a deadline of the end of the preseason, which is after Friday night's game against Philadelphia, for a new deal to be finalized. He did not want negotiations to stretch into the season, nor did the Jets, who didn't want to chance losing him as a free agent.
Pennington, the 18th overall pick in the 2000 draft, has been the Jets' starter in only 23 games. He comes off an injury-racked season, but in 2002 he replaced Vinny Testaverde as the starter a month into the schedule and led the Jets to the AFC East title. He also led the NFL in passing efficiency that season.
Last summer, he broke his wrist and hand in an exhibition game and was sidelined for two months. The Jets wound up 6-10.
Thats some big money
I still cant believe he isnt even being rated in the top 10 of a lot of sites QB rankings.