Before the 2012 season, Sanchez signed a three year contract through 2016. Sanchez earned $11.25 million last season and is guaranteed $8.25 million dollars this season. The Jets will have to virtually eat that money if they release him so he'll probably be with the team for the rest of the season.
In the mean time, rookie Geno Smith has been named the Jets' starting quarterback and even if Sanchez doesn't have surgery, he will most likely serve as a backup.
Sanchez's plan at this point is to continue rehabbing his injured right shoulder. According to sources for the New York Daily News, the Jets plan to have a "week-to-week evaluation" on his shoulder.
Despite previous speculation that the Jets would immediately release Sanchez, owner Woody Johnson dismissed the idea last week stating Sanchez "will be on the team."
In 2013, we'll likely see Sanchez undergo season-ending surgery, the Jets will place him on season-ending Injured Reserve, he will rehab his injury to get ready for next season, and he will be released once the season is finished to sign with another team.