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Pennington Agrees to Lucrative Contract Extension
By John Melillo
Jets Insider.com, Staff Writer
September 1st, 2004

According to ESPN.comís John Clayton, New York Jets QB Chad Pennington agreed to a seven-year contract extension that will keep him in the Big Apple through the 2011 season. The total worth of the deal is $64.197 and includes $23 million in guaranteed money in the form of signing and roster bonuses.

According to ESPN.comís John Clayton, New York Jets QB Chad Pennington agreed to a seven-year contract extension that will keep him in the Big Apple through the 2011 season. The total worth of the deal is $64.197 and includes $23 million in guaranteed money in the form of signing and roster bonuses.

Pennington had set a Sept. 1 deadline to reach a new deal and decided to extend the deadline once negotiations heated up.

Pennington was a first-round choice of the team (18th overall) in 2000 out of Marshall University. He sat for two years and finally got a chance to start in his third season, when he ended up taking the team to the playoffs and completed 68.9 percent of his passes.

The Jets will now turn their attention toward DE Shaun Ellis, who is eligible for free agency following the upcoming season. Team officials have discussed a contract with Ellisí representatives in recent days and hope to have a deal in place over the next two weeks.