The Facts: Following up on the ongoing story. ... It’s a given that Sanchez won’t return to the Jets with a $9 million base salary and a $2 million roster bonus due March 2. But until he’s cut, there’s a chance he could stay, with a revised deal. Per a source with knowledge of the situation, it’s still too early to know how it will play out.

Diehards Line: As PFT's Mike Florio notes, whatever the Jets offer Sanchez on a reduced contract could be more than what another team would pay. The Jets haven’t committed to Geno Smith as the starting quarterback in 2014, but it would be awkward for the Jets if Sanchez returned and beat the younger man out. The final outcome hinges largely on whether the teams potentially interested in Sanchez find other QBs elsewhere early in free agency. ... Stay tuned.