The Jets selected QB Geno Smith with their 39th overall pick of the NFL Draft.
According to Rich Cimini, Sanchez would count $12.4 million on 2013 cap and $4.8 million on 2014 cap if he's cut with a June 1 designation. Currently, he's a $12.9 million cap hit.
Brian wrote about the possibility of this earlier after D’Brickashaw Ferguson’s reported restructuring gave the Jets a little over $5 million in cap space. We won’t get into the financial specifics right now -- just know that while it would be hard on the cap to cut No. 6, it is doable.
Honestly though, cutting Sanchez is probably the smart decision. The team is now Geno’s – at least that’ll be the perception all season long. If you thought Tebow was a distraction, Geno would be just as large, because he could actually take Sanchez’s job. The other aspect is how this affects Rex Ryan’s future with the team. Unless Geno is going to sit all year (in which case Sanchez probably stays), this move puts Rex in an even more difficult position in what’s essentially a lame duck year.
It’s one thing to ask him to coach for his job with at least some semblance of a veteran quarterback leading the team. It’s quite another to ask him to do with a rookie quarterback drafted in the second round and generally regarded as a project. It’s possible a one-year extension for Ryan could be in the works.
I'm not going to go as far as to say that I would say that cutting Sanchez is the best move, there's something to say for giving it one more go ... but at the same time what will one more chance really yield?