Article: Pennington, jets reach a deal: Extension worth $64 million, including $23 million guaranteed

HEMPSTEAD, N.Y. - Chad Pennington agreed to a $64 million, seven- year contract extension with the New York Jets on Wednesday that includes $23 million in guaranteed money.

A source familiar with the negotiations, speaking on the condition of anonymity, told The Associated Press that Pennington will average $9.172 million a year. The quarterback, entering his fifth season, also receives the second-largest amount of up-front money, behind only Indianapolis quarterback Peyton Manning, who got a $34.5 million signing bonus earlier this year. The total value of Pennington's deal is $64.197 million.

Both of those contracts were negotiated by Tom Condon, who was not available for comment ...

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