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Really, having them extend Sanchez or just convert his salary to signing bonus is good for the Patriots. They increase their future commitment to him which means they are stuck with him, and they are in such awful cap shape (as much because of all the holes they have to fill as the lack of space they have) that freeing it up for this year wont be close to enough to solve the problems.The best part of the whole Jets fiasco is that they have a bottom 10 QB with a 17M + cap hit.
Granted it will be fairly easy to shed a good junk of that this season because so much is salary but the Jets are in a tough position. They can save cap cutting a few guys, restructure Sanchize, and sign Harris long-term.
But as Andy correctly notes, they have about half a team right now. They can either try to build some depth with actual NFL caliber players or put all of their eggs in a few baskets like Holmes and Cro.
I don't see how they can come out of this even as good as they were last year. And they have been remarkably lucky injury-wise lately too which is how they get by with zero depth.
In the end I think all of those other teams with a ton of cap room will make their decision for them and drive up the prices on Holmes and Cromartie. I see them resigning Edwards. They can have him.
As the cap noose tightens and the commitment to Sanchez increases, the fate of the team becomes more and more in Sanchez hands, which will go a long way toward eliminating them from contention for anything.