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BROADWAY BRETT: Jets Fly With Favre At Helm

Draft Pick Sent To Green Bay In Return For NFL Legend

Pennington's Days With Gang Green Come To An End

NEW YORK (CBS) ― Warm up Fireman Ed.

The New York Jets have acquired Brett Favre from the Green Bay Packers. CBS 2 HD first confirmed the trade just after midnight Thursday morning.

The move ended weeks of speculation as to the NFL legend's future and put to rest an often tumultuous saga that dominated the professional sports landscape across the country. The teams announced the trade just after 12:30 a.m. EDT and the deal will become official pending league approval.

Exact compensation heading to Green Bay wasn't immediately known, but is believed to be a fourth-round draft pick that increases in value depending on both New York's and Favre's performances during the season.

"It's like a marriage that ends," Packers president Mark Murphy said at a news conference Thursday. "It happens. Neither party is at fault."
 
Favre was scheduled to leave Hattiesburg, Miss., Thursday morning and the Jets said he would be at a 6 p.m. EDT news conference in Cleveland, where New York plays the Browns in a preseason game later Thursday.

Earlier Thursday, Jets chairman and CEO Woody Johnson followed with a statement of his own:

"I am looking forward to seeing Brett Favre in a New York Jets uniform," Johnson said. "He represents a significant addition to this franchise, and reflects our commitment to putting the best possible product on the field. Mike Tannenbaum and his football administration staff did a great job of navigating this complex process. I am excited about welcoming Brett, Deanna and their family to the Jets organization."

"I think all parties involved felt this was the best result for a difficult situation," Packers general manager Ted Thompson said.

Thompson said the Packers will review how the situation was handled, saying "I'm not sure we didn't make mistakes."

According to the NFL Network, if Favre takes 50 percent of total snaps with the Jets in 2008, the fourth rounder becomes a third-round pick. If he gets 70 percent of the snaps and the Jets make the playoffs, it becomes a second-round pick; and if he gets 80 percent of snaps and the Jets make the Super Bowl, it becomes a first-round pick.

Favre is owed approximately $12 million in 2008, so the Jets have some maneuvering to do to get under the NFL salary cap.

Chad Pennington, who most figured would be the odd man out in the Jets' QB carousel, was granted his release on Thursday afternoon, ending the quarterback's eight-year, injury-plagued career with New York. He was expected to find a new home soon: Minnesota and Miami were mentioned as possible destinations.

"It's a bittersweet moment for us," Tannenbaum said early Thursday when announcing the trade for Favre.

"I have all the respect in the world for Chad as a person and a player," he said. "He gave his heart and soul to this organization for a long, long time. I really appreciate everything he has done."

Pennington has been locked in a tight training camp battle for the starting spot with Kellen Clemens. Now, with Favre in the fold, Clemens, still viewed as the team's QB of the future, will be the backup.

The Jets wasted little time cashing in on what is sure to be a financial windfall in the wake of the trade. Favre's new No. 4 jersey is currently available to order on the team's official Web site.

Favre's final few months in Green Bay were the talk of the sports world. Daily updates on his future dominated news coverage from coast to coast. By the beginning of the week the only thing that was certain was that Favre would not be returning to the Packers this season. The hours leading up to trade were also filled intrigue.

Favre's agent, James "Bus" Cook, confirmed in an e-mail to The Associated Press earlier Wednesday that the Jets and Tampa Bay Buccaneers were emerging as the most likely trade destinations for the three-time MVP.

Packers general manager Ted Thompson skipped practice Wednesday morning, and his scheduled early afternoon media availability was postponed indefinitely -- signs that a deal could be in the works. Thompson also was not seen at Wednesday night's practice, although team president and CEO Mark Murphy made an appearance.

Favre was on a private plane that left for Hattiesburg, Miss. at 1:25 p.m. EDT Cook and Favre's wife, Deanna, also were aboard the plane that landed two hours later. Favre's family home is near Hattiesburg.

In Mississippi, Favre confirmed that he was considering the Jets and Buccaneers.

"We're working on it," Favre said in video posted on Jackson TV station WJTV's Web site. "Hopefully we can get something resolved. I've been saying that for quite a while now. I don't want to say we're running out of time, but I need to get into a camp somewhere."

Tampa Bay coach Jon Gruden refused to address speculation that the team was on the verge of a deal for Favre, sidestepping a question about whether he had spoken to Favre Tuesday night.

Please stay with CBS 2 HD and wcbstv.com for more on this developing story.

(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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