The Facts:
Faced with the task of slashing about $26 million from the salary cap over the next two weeks, the Jets have approached Pennington about taking a significant pay cut. Pennington is due to make $9 million in salary and bonuses for 2006, and the Jets want to slash that to a $1 million base salary. He would be able to recoup the difference by achieving various incentives.
Reported by the New York Daily News
Fantasy Football Diehards Line:
The action came as no surprise, considering the bloated cap situation and the uncertainty of Pennington's twice-surgically repaired throwing shoulder, but the amount of the proposed cut is eye-opening. ... Now, the clock is ticking. If the two sides don't reach an agreement by March 3 -- the start of the league year, when Pennington is due a $3 million roster bonus -- the Jets could release the 29-year-old quarterback.
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