Chad passes on offer
BY KEN BERGER
STAFF WRITER
February 17, 2006
Chad Pennington's agent has rejected the Jets' proposal to slash the injured quarterback's base salary for 2006 to $1 million and force him to earn the remaining $8 million he is owed through incentives.
The impasse is not surprising, but it means newly anointed general manager Mike Tannenbaum and Pennington's high-powered agent, Tom Condon, are in staredown mode.
The Jets have until March 3 to decide if they can live with Pennington's current contract, negotiate a cap reduction or release him. Pennington is due a $3-million roster bonus that day, a payment that would bring his earnings to $25 million on the seven-year contract extension he signed in September 2004 - a span during which he has played only 18 games.
Pennington's cap figure was scheduled to be $12 million this season, but the team already has the discretion to reduce it to $7.5 million by prorating all of his $6-million base salary against the cap for the next four seasons.
But the Jets, who are more than $20 million over the projected cap, need to cut deeper. They don't want to pay the $3-million bonus and believe Pennington should account for the fact that he's coming off a second operation on his right (throwing) shoulder in as many seasons.
Pennington has missed 22 of 48 regular-season games due to injury the past three seasons. But Pennington's camp is opposed to forfeiting any of the $9 million he is due, a scenario that - if unresolved - could lead to his release, according to a person with knowledge of the situation.
According to two more people with knowledge of the situation, the Jets are trying to get running back Curtis Martin, center Kevin Mawae, guard Pete Kendall, tackle Jason Fabini and receiver Laveranues Coles to accept pay cuts or reworked deals.
As expected, they have decided to part ways with cornerback Ty Law, who is due an $11-million bonus March 3. Mawae, coming off surgery to repair a torn left triceps, apparently will refuse to take a pay cut and will ask the Jets to release him if they can't handle his projected $4.5-million cap figure.
Meanwhile, in a sign that the Jets' new regime is cleaning house throughout the organization, the team fired vice president of operations Mike Kensil last week. Kensil, the son of late Jets president Jim Kensil, spent 29 years with the team.