The economics of such a move would mean the Jets would be carrying a lot of dead money for a couple of years. With that being said, if they want to have a fresh start, they have to get rid of some of their quarterbacks.
If they believe Geno is indeed the man, having Sanchez on the roster is only going to make the Jets a bigger circus than they already are.
It will be interesting to see how this plays out. Geno Smith may already know something, since he is already guaranteeing the Jets will be in the playoffs.