NEW YORK, NY (The Spread) – In one fell swoop the Jets renewed their commitment to Mark Sanchez and bowed out of the Peyton Manning sweepstakes.

The Jets extended Sanchez’s contract on Friday by agreeing to a new three-year deal with the embattled quarterback. In doing so they also dropped out of the race to acquire Manning, who was released by the Colts earlier this week.

Sanchez led the team to the AFC championship game as a wild card in his first two seasons, but struggled as the Jets lost their last three games in 2011 to finish 8-8 and out of the playoffs. That led to speculation they would pursue Manning.

View Latest 2013 Super Bowl Odds

On Friday, the Jets were +800 to be the team that Manning throws his first pass for in the 2012-13 NFL regular season. But those odds are sure to change now that the team has re-signed Sanchez. The Dolphins are the favored in the Manning sweepstakes at even odds, while the Cardinals are +450 and the Chiefs are +600.

Oddsmakers list the Jets as 20/1 long shots to win the 2013 Super Bowl after opening at that same number back in February. They’re also now 9/1 to win the AFC conference championship game next year after that number opened at 8/1.

Want More From TheSpread.com? Follow us on Twitterand Facebook or Subscribe to Our News Feeds!