[vincesanity82]

In response to the conflicting reports today about the deal reached by the Jets and wide receiver Laveranues Coles, a league source tells PFT that Coles did not sign a contract extension.
Instead, the source says the report from Pat Yasinskas of ESPN.com is correct: Coles and the Jets had discussed a contract extension, but instead they worked out a deal guaranteeing the remaining two years and $11 million of his contract.

ProFootballTalk.com - Rumor Mill

[Dusty]

When his name is signed for a contract then it means something. The Jets have a long and rich history of screwing the most mundane things up so no "guarantee" means anything to me.