In response to the conflicting reports today about the deal reached by the Jets and wide receiver Laveranues Coles, a league source tells PFT that Coles did not sign a contract extension.

Instead, the source says the report from Pat Yasinskas of ESPN.com is correct: Coles and the Jets had discussed a contract extension, but instead they worked out a deal guaranteeing the remaining two years and $11 million of his contract.

The New York Post was the first to report this morning that Coles and the Jets had reached an agreement that would keep Coles happy and keep him on the roster for years to come. But the Post’s report said Coles had reached a two- or three-year contract extension. That is not the case.

And really, there’s no reason to think that simply extending the length of Coles’ contract would have been enough to placate him, unless additional guaranteed money accompanied the extension. Adding extra years to a player’s contract doesn’t give him any security unless guaranteed money accompanies those extra years.

So guaranteed money is what Coles got. After trading away the unhappy Pete Kendall in 2007, the Jets can count on having a happy Coles in 2008.