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Quarterback Mark Sanchez agreed to a three-year contract extension with the New York Jets on Friday night, meaning he's signed through 2016. He had two years remaining on his rookie deal.

Jets general manager Mike Tannenbaum said they were in negotiations for "several weeks."

Obviously, it means the Jets are out of the Peyton Manning sweepstakes. Tannenbaum confirmed they expressed interest in Manning, but he refused to say what extent they were interested.

The contract is a three-year extension for $40.5 million total, $13.5 million per year, a league source told ESPN NFL Insider Adam Schefter. The extension gives Sanchez five total years for $58.25 million, with $20.5 million fully guaranteed with no off-sets in 2012 and 2013, according to the source.

The $58.25 million gives Sanchez is the seventh highest among NFL quarterbacks, sources told ESPN senior NFL analyst Chris Mortensen.

Sanchez also has an additional $10 million in potential escalation, so the maximum value of the three new years is $50.5 million and over the whole deal is $68.25 million, a source told Schefter. Sanchez will be a free agent when he is only 30 years old at the end of the deal.

Grover wrote:The only thing worse than drafting players without talent is not admitting it once it is obvious. Woodie needs to wake up and clean house immediately.