NFL

Jets ‘franchise’ QB Sanchez finally benched; McElroy gets nod over Tebow

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Mark Sanchez has finally run out of chances.

The Jets made a change at starting quarterback yesterday, replacing the ineffective Sanchez with second-year pro Greg McElroy, rather than Tim Tebow.

“That’s what I feel in my gut,” Ryan said about the decision. “I liked what I saw from Greg against Arizona and I liked what I see on the practice field. I just truly believe I think it’s best for our team right now and that’s how I feel about it.”

McElroy played three games ago against the Cardinals, leading the team to a 7-6 win after Sanchez threw three interceptions and was benched. McElroy had been the No. 3 quarterback and was inactive for every other game this year, including the two since that Cardinals win.

Ryan informed Sanchez he was making the change after the 14-10 loss to the Titans on Monday night that ended the Jets’ playoff hopes. Sanchez was awful in the game, throwing four interceptions and fumbling on the Jets’ final offensive play. He has 24 turnovers this year and 50 in the past two seasons, the most in the NFL.

The decision marked the end of Ryan’s support for the quarterback the team picked fifth overall in the 2009 NFL Draft, Ryan’s first as Jets coach.

“Well, I think anytime you do that, it’s not easy,” Ryan said. “That’s for sure. In dealing with it, I told Mark that I think we need to make a change and he respected my decision, but that’s not easy, that’s for sure.”

Ryan dodged most of the questions from the media, refusing to give a straight answer why McElroy made more sense than Tebow, who has been the backup quarterback in every game except when he sat out the Cardinals game with injured ribs.

Sources said the coaching staff debated it yesterday, and Ryan ultimately chose McElroy after initial fears about the public’s reaction to him passing over Tebow. There still is a belief around the Jets organization that McElroy is not a long-term answer. They view him as nothing better than a backup.

The Jets have no plans, however, to keep Tebow after this year. There is a fear if he played well in the final two games it would make them look bad for not playing him earlier and cause an outcry for him to stay, something they do not want. In essence, they do not think much of either Tebow or McElroy, but it will be less of a headache if McElroy plays well.

Welcome to the twisted world of the Jets quarterbacks.

The Jets also now must decide on Sanchez’s future. His contract virtually ensures his return in 2013. He agreed to a three-year extension in March that guaranteed his 2013 salary of $8.25 million and a $500,000 workout bonus. The contract leaves the Jets with few options.

If they cut him, they would face a $17.1 million salary cap hit next year. However, they could designate him as a June 1 cut and spread the hit out over two years so it becomes a $12.4 million hit in 2013 and $4.8 million in 2014. Teams can designate two players as June 1 cuts before that date, so the Jets could cut him in March before free agency if they wanted to. The contract also has no offset, meaning if Sanchez were released and signed with another team, the Jets still would owe him his full $8.25 million salary.

That scenario still seems highly unlikely. The Jets could try to trade Sanchez, but there would be little market for him at $8.25 million, and the Jets would have to eat at least $6 million to entice another team.

That leaves the most likely scenario, which is Sanchez returning and facing competition next year from a veteran (perhaps Alex Smith or Matt Cassel) and possibly McElroy or a rookie.

The Jets signed Sanchez to the extension hoping he would develop this year and they would have him locked up through 2016 at a discounted rate. That is a gamble they have lost. An industry source called the contract “moronic” yesterday.

That adjective applies to a lot of decisions the Jets have made about the quarterback position.

brian.costello@nypost.com