Newly acquired Jets QB Brett Favre (wearing a new Jets hat) boards a plane heading for NY to meet with owner Woody Johnson this afternoon.
UPDATE 3:40PM: As reported earlier the Jets officially released QB Chad Pennington. The 9 year veteran is now free to sign with any team he wants. Reports have surfaced this afternoon that both the Dolphins and Chiefs have a strong interest. Minnesota is also reportedly interested into looking into Pennington.
In a released statement by the team, Owner Woody Johnson commented on Pennington.
I appreciate everything Chad Pennington has given to the Jets organization, said Johnson He was a part of my first draft as an owner in 2000 and has exemplified nothing but class both on and off the field. I wish him, Robin, Luke and Cole my very best.
GM Mike Tannenbaum added the following.
I have all the respect in the world for Chad as a person and a player, said Tannenbaum. We have accomplished a lot of great things with Chad, including winning playoff games, which is very hard to do. He gave his heart and soul to this organization for a long, long time. I really appreciate everything he has done.
The move cutting Pennington clears in excess of $6MM from the Jets salary cap. The team may have restructure a few contracts or even possibly cut another veteran to clear more cap space as some reports have said today that Favre's $12MM salary puts the team over the cap.
UPDATE 9:50AM: The Jets have called a press conference for 6PM on Thursday at Cleveland Browns Stadium to officially announce the trade and have a Q&A with Favre. Also, reorts have surfaced that QB Chad Pennington has left the team and is on his way back to NY. He's expected to be released by 4PM today. Teams reportedly interested in him are Miami, Minnesota and Kansas City.
UPDATE 6:50AM: The NFL Network is reporting that the Jets gave up a conditional 4th round draft pick in 2009 that could be escalated based on the following incentives:
Pick escalates to a 3rd round choice if Favre plays 50% or more of Jets offensive plays.
Pick escalates to a 2nd round pick if Favre plays 70% or more of offensive plays and the Jets make playoffs.
Pick escalates to a 1st round pick if Favre plays 80% or more of offensive plays and Jets make the Superbowl.
UPDATE 1:20AM: On a late conference call with reporters, Jets GM Mike Tannenbaum said that the team will cut ties with QB Chad Pennington on Thursday by either trading or releasing him.
UPDATE 12:40AM: Jets confirm the trade. In a released statement by the team, owner Woody Johnson commented on the transaction.
"I am looking forward to seeing Brett Favre in a New York Jets uniform, said Johnson. He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field. Mike Tannenbaum and his football administration staff did a great job of navigating this complex process. I am excited about welcoming Brett, Deanna and their family to the Jets organization."
HEMPSTEAD, NY: After a flurry of speculation that has lasted for weeks, various sources are confirming to Jets Insider.com that 3-time MVP Brett Favre has been traded to the NY Jets.
Compensation to the Packers is not known at press time but there are reports that the Jets gave up a conditional 2009 draft pick based on Favre's performance this upcoming season.
The trade undoubtedly ends the career of QB Chad Pennington in NY who will be traded quickly or released.
More info coming. Check back to JI often for more details on this breaking story.
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