Take it from an outsider THIS is the correct answer. Youf cap situation and contract obligations prohibited the Jets from being in the market for Manning, Flynn or any other high profile QB available. The FACT was that the Jets knew they were stuck with Mark Sanchez, for better or worse, for the next couple of years. So they throw a few million at him for the privilege of saving $7MM desperately needed cap dollars for this year, A small price to pay, which could turn out to be a home run, IF Sanchez turns out to be something better than a "good" NFL QB two years down the road. Nice for Sanchez who is now GUARANTEED 20+MM dollars for the next 2 years, and Nice for the Jets who can cut him with only a $6MM dead money hit after the 2013 season. Seems like a win for both parties in a "best of a bad situation" kind of way.
They extended his contract not necessarily to keep him here longer, but to save money over the next few years (he had 2 years left anyways) everything after those 2 years has no guarenteed money
The only issue I have with that is they could have cut him before 2013 if he stinks the joint up this year. Now, they cannot due to the cap hit. He is here for 2 years for better or worse. Probably will be the right I get that they saved cap room due to this, and that's huge. However, the pressure is really on Mark now. I'm rooting big time that he's up for it, but if he's bad this year and the Jets miss the playoffs......Fans will want Tanny's head.
If he has another bad year in 2012, they would have just said it was cause first year under new offense blah blah blah and gave him one last chance lol