The anticipated staredown between the Jets and Chad Pennington is on. Faced with the task of slashing about $26 million from the salary cap over the next two weeks, the Jets have approached Pennington about taking a significant pay cut, a person with knowledge of the situation confirmed yesterday. The action came as no surprise, considering the bloated cap situation and the uncertainty of Pennington's twice-surgically repaired throwing shoulder, but the amount of the proposed cut is eye-opening. Pennington is due to make $9 million in salary and bonuses for 2006, and the Jets want to slash that to a $1 million base salary, according to the person. He would be able to recoup the difference by achieving various incentives. The clock is ticking. If the two sides don't reach an agreement by March 3 - the start of the league year, when Pennington is due a $3 million roster bonus - the Jets could release the 29-year-old quarterback.