The Jets are feverishly attempting to come to an agreement with Chad Pennington to restructure the quarterback’s contract before March 3, which marks the start of the NFL’s new year, a time when teams must get under the salary cap.
But while the Jets continue to negotiate with Pennington’s agent, there are rumblings within with organization about whether the Jets should keep the injury-plagued quarterback at all.
Two members of the Jets’ offense told The Post they believe the Jets should release Pennington.
The comments reveal a definite crack in a foundation that was built with Pennington as the leader in the Jets’ locker room as well as the face of the franchise.
“I think we should release him; he’s too injury-prone,” one player said.
“He’s like an egg back there,” another player said, referring to Pennington’s fragility. “I mean, look at the ways he’s gotten hurt. He hasn’t even been hit that hard. The injuries have come from awkward hits and falls. I think we should just cut him.”
That’s easier said than done, because cutting Pennington would subject the Jets to a $12 million salary-cap hit in 2006. For a team that’s already some $26 million over the cap, that’s a daunting prospect.
Pennington, who still is not even throwing after the second rotator cuff surgery on his right shoulder in two seasons, is due a $3 million roster bonus on March 3, a bonus the Jets have no intention of paying at the moment. He also is due to make $6 million in base salary this year.
The Jets are trying to get Pennington to agree to a more cap-friendly deal, something they’re talking to Curtis Martin and other players about doing as well. With Pennington and Martin, the Jets are trying to restructure the pacts so they have low base salaries but can recoup the rest in incentives.
Pennington, who signed a seven-year, $64 million contract at the end of the 2003 season, has played in 16 games in the past two seasons. Including the $18 million signing bonus, he’s collected $22 million in guaranteed money since signing the deal.
The huge contract was a result of the marvelous season Pennington had in 2002, when he took over for injured Vinny Testaverde and led the Jets from the dregs of a poor start into the playoffs, where they won a wild-card game and lost in the divisional round.
After that, Pennington was considered a star on the rise. Then came the injuries, one after another after another.
He suffered fractured bones his left wrist and hand after falling awkwardly in a preseason game against the Giants. That cost him the first six-plus games of the following season.
In 2004, Pennington suffered a right shoulder injury against the Bills in the eighth game, and missed the next three starts before returning to finish the season with what was later revealed as a tear in his rotator cuff.
Offseason surgery followed, but he never was right from the beginning of last season, throwing with even less zip on the ball than he was able to muster before the injury. Facing Jacksonville in the third game last season, he had his right arm pulled back awkwardly on a sack and suffered another tear of the rotator cuff, ending his season.
Pennington is 21-15 as a starter in the regular season, with a 2-2 postseason record. His best chance to regain a starting job is with the Jets; if he is released, Pennington likely will have to sign with another team for the veteran minimum and vie for a backup job.
The bottom line is this: The Jets and Pennington need each other.
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The Jets have confirmed they will release CB Ty Law shortly, thus exonerating themselves of the $11 million payment that would trigger Law’s contract into effect this season and beyond, and letting him become a free agent again.
There was some speculation, based on Law’s fondness for new head coach Eric Mangini, the Jets may have a chance to work out a deal with him. Law, however, is looking for one final contract bonanza and seeking some $10 million in guaranteed money, a number too rich for the Jets’ blood.
Law led the team with 10 interceptions last season, but those numbers were misleading in that Law didn’t start to play well until mid-season.
mark.cannizzaro@nypost.com