The NY Jets ended all speculation that Peyton Manning would be joining the team by announcing a three year contract extension for Mark Sanchez.

$20.5 million of the deal is guaranteed for the 2012 and 2013 season. Sanchez is now signed to the Jets for five years and $58.25 million. He also has the potential in the deal to earn another $10 million. This will make Sanchez the 7th highest paid QB in the league.

Sanchez said of the deal:

“The best part about it is, they chose to stick with me. I’m going to be their starting quarterback for the next few years here and that’s exciting. I’m the leader of this team and I’m excited to get back.”