[EmpireWF]

Chad Pennington agreed to a paycut that will award him $3 Million in guaranteed monies while offering him the opportunity to earn $6 Million more if he achieves certain numbers while playing.

The team saved $8-$9 Million with the restructuring of his deal. Also, it's expected they will either sign a vet or draft another QB so they're not lost if Pennington can't start.

[Lefty Noob]

Amazing. Never thought this deal had a chance of getting done. It's a win-win for the Jets. If Pennington earns the money, that mean's he had a strong year and is well worth the price. If he doesn't, or if he isn't able to play, they still manage to retain his rights at a discounted price.