Jets To Pennington: Take A Pay Cut or Get Cut

As widely reported the New York Jets and Chad Pennington are in negotiations to restructure his contract. And new Jets coach Eric Mangini has refused to give any substantive comment on the matter. Pennington's agent has reportedly refused the restructuring. According to the Associated Press, the Jets are asking Pennington to take a pay cut from a base salary of $9 million to $1 million. On top of that, Pennington is set to earn a $3 million bonus on March 3, which at this point seems unlikely.

Date
Wed 2/22/2006 1:38 AM

Source

 * http://sports.yahoo.com/nfl/news;_ylt=ArX5ldtk55AlSbZ.4FbjBVhDubYF?slug=ap-jets-pennington&prov=ap&type=lgns
 * http://sports.espn.go.com/nfl/news/story?id=2337334