March 6, 2006
 
Former MU Quarterback Chad Pennington Inks Pact to Stay with N.Y. Jets
 
By Grant Traylor
Huntington News Network Sportswriter
 
Huntington, WV (HNN) —Former Marshall quarterback Chad Pennington reached an agreement with the New York Jets that will keep him with the club in 2006.
 
Pennington, who is coming off his second shoulder surgery in an eight-month span, was mentioned as one of several Jets to be released for salary cap reasons.
 
However, the veteran quarterback met with Jets officials and his agent, Tom Condon, and restructured his contract, helping the Jets climb out of a financial hole and giving Pennington another chance at regaining the starting quarterback job.
 
Pennington re-injured his surgically-repaired right shoulder following a sack against the Jacksonville Jaguars. The six-year veteran went to the sideline only to watch backup Jay Fiedler also tear his rotator cuff.
 
Pennington re-entered the contest, but did not have any zip on the football, throwing an interception in an overtime loss to former Marshall teammate Byron Leftwich.
 
New York is one of several teams hanging in the balance as owners and the NFL players association try to work out a collective bargaining agreement for the future.
 
The owners and NFLPA representative Gene Upshaw met this weekend hoping to work out an agreement before the free agency period starts at 12:01 a.m. Monday morning.
 
Talks broke down over the weekend with no agreement in sight, meaning that the salary cap for 2006 is $94.5 million and 2007 will be an uncapped year.
 
Pennington would have accounted for $15 million against the cap in 2006 under his current contract, a seven-year $64 million contract that he signed two years ago.
 
That contract would have carried a $12 million cap penalty for the 2006 season plus a $3 million bonus that he was to receive later this month if he did not restructure.
 
Now, Pennington is guaranteed $3 million in 2006 with an incentive-laden contract that could reach as high as $9 million if he stays healthy and reaches certain performance objectives stated in the contract.
 
The restructure is considered a victory for both sides with the Jets lessening their cap load during crunch time while Pennington gets another shot to win the starting job.
 
Pennington would have been a huge liability for several teams to acquire, having undergone two shoulder surgeries to his throwing arm and a broken wrist in the last three years.
 
Pennington expects to start throwing in two weeks after finishing rehabilitation at IMG Academies in Florida.