Report: Mark Sanchez Signs 3-Year Extension, Jets Will Not Pursue Peyton Manning

The New York Jets have reportedly extended the contract of Mark Sanchez by another three years, ultimately pulling out of the Peyton Manning sweepstakes in the process.

There was much speculation the Manning could become a Jet this year, which would have made Sanchez the backup—or forced him to ask for a release, as former Jet LaDainian Tomlinson speculated.

Instead Sanchez will remain a Jet through 2016. It is being reported by Rich Cimini of ESPNNewYork.com that the deal, which includes the final two years of his current contract, is worth $58.25M. It is also reported that $20.5M of this is guaranteed money.

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Numbers on Sanchez contract: 5 yrs/$58.25M, plus $10M in escalators. It includes $20.5M in gtd money and $40.5M in "new" money. #Jets

— Rich Cimini (@RichCimini) March 10, 2012"

Jets general manager Mike Tannenbaum, confirmed tonight that the Jets and Sanchez have been talking for "several weeks," but he also said that the Jets "looked at" Peyton Manning before deciding on the contract with Sanchez.

The big contract for Sanchez shows that the Jets obviously have faith in him as their quarterback.

As for Manning, the number of available teams is narrowed down.