You have to imagine that Mark Sanchez is going to be cut, he has a $13.1 million cap hit in 2014 and the Jets would save $8.3 million by releasing him. There is absolutely no way that Sanchez can stay in NY on his current deal and I'm not sure it would be a good idea to keep him around on a restructured deal.
Sanchez turned the ball over 52 times between 2011 and 2012 and turnovers lose you football games. However as Sanchez is just 27 and has play-off experience, there is bound to be a market for him somewhere. We heard a month or two back that he would be in high demand and there was a quote from an anonymous executive saying they would take Sanchez if he was available and he would be their starter.
It's believed that Schaub is their #1 choice, but if Sanchez does become available then it may be good for him to go back to the West Coast. They wouldn't take him on his current deal, so a trade seems unlikely especially considering they know he has to be cut. However if they wanted to guarantee they got him, they could ask to speak to Sanchez to agree a restructure of his contract before passing over a 5th or 6th round pick in a trade. However I doubt that happens and Sanchez will be cut soon enough.