JETS are not trading up

February 28, 2006 -- The Jets are on the clock — and we're not talking about April's NFL Draft, but whether quarterback Chad Pennington has a future with the team.

Within the next two days, the Jets' new general manager, Mike Tannenbaum, and Pennington's agent, Tom Condon, must agree on a restructured contract or the club will face the difficult decision of paying Pennington a $3 million roster bonus or cutting him and taking a $12 million hit on the salary cap.

According to a source, "discussions are continuing," but otherwise there is little insight into whether Pennington, once considered the club's franchise quarterback, will remain a Jet or have to find work elsewhere.

Under his current deal, Pennington is to receive a $3 million roster bonus on Friday and a base salary of $6 million in 2006, but the Jets don't want to spend that kind of money on a quarterback coming off two rotator cuff surgeries to his throwing arm in as many years. Pennington already has earned $22 million while playing in just 18 games over the last two years.

Tight-lipped Tannenbaum hasn't spoken publicly about the situation since Thursday, when he met with reporters at the NFL Scouting Combine and said he and Condon would meet during the weekend. The weekend has come and gone with no resolution. Perhaps that's because Tannenbaum was too busy shopping John Abraham to gauge what teams are willing to give up for the defensive end for him.

The Jets, according to ESPN.com, have spoken with several teams, including the Redskins and Broncos, about Abraham, whom the Jets designated as their franchise player, earning $8.33 million next year. The three-time Pro Bowl player wants a long-term deal and told The Post last week, "it's time to move on."

The same could be said for Pennington. He clearly was offended by the Jets' initial offer of a $1 million salary, saying, "They want to pay me less than what most backup quarterbacks are making."

Meanwhile, the Jets have made it known they're willing to trade up from the fourth spot in the draft, presumably to land one of the three top quarterbacks: Mark Leinart, Vince Young or Jay Cutler.

Should the Jets draft one of the prized quarterbacks, Pennington would be a lame duck even if he returns this season. This could turn out much the same way it did when Kerry Collins bolted the Giants after the club drafted Eli Manning.

Speaking in general terms, Giants GM Ernie Accorsi said asking a player to take a pay cut can be difficult and create hard feelings.

"If you're not dealing with someone who is realistic the general attitude of the player is 'If I'm [taking a pay cut] I'm doing it with somebody else' because they're offended," Accorsi said. "I've had more players say no than yes. If they say no, then you have a decision to make.

"If you're going to do it, you'd better be prepared to release the player."

george.willis@nypost.com