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Jets Give Quarterback Mark Sanchez Contract Extension

Christopher Pasatieri/Getty Images(NEW YORK) -- You can all but likely cross the New York Jets off the list for teams involved in the Peyton Manning sweepstakes. The team has announced they have rewarded quarterback Mark Sanchez with a three-year contract extension.

Sanchez' new deal guarantees him $20.5 million for 2012 and 2013. In all, he will receive $40.5 million in "new" money and will now make $58.5 million over five years. According to ESPN's Chris Mortensen, with his new contract, Sanchez is now the seventh-highest paid quarterback in the NFL.

Even though Sanchez is getting paid like a top-10 quarterback, he hasnt' played like one during his three-year NFL career so far. This past season, Sanchez threw for 3,474 yards, tossed 26 touchdowns compared the 18 interceptions, and had a quarterback rating of 78.2.

"We've won a lot of football games with Mark as the starting quarterback of the New York Jets and that's what really concerned us," Jets general manager Mike Tannenbaum said. "It's not a projection, it's not a hope, it's not an incremental leap of faith. Here's a three-year body of work."

Tannenbaum did admit though, that he'd like to see Sanchez improve off of last season.

Copyright 2012 ABC News Radio

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