Per Adam Schefter: Rex Ryan had one year left on deal. His agreed-upon extension is for multi years. So that ties Ryan to Jets for at least 3 years, maybe more.
There was a lot of speculation in the New York media regarding if New York Jets head coach Rex Ryan would be retained for the 2014 season, and now we know that not only will Ryan be retained, but he will be given an extension which will keep him with the organization for three more years. I cannot blame the Jets for giving Ryan this extension, look at the coaches who are getting NFL head coaching jobs this offseason, if the Jets fired Ryan he would have immediately been hired by another team. The talent pool for NFL head coaches is extremely thin right now, your options are to hire an old coach who has been fired in the past or hire a young assistant who may not be ready, in fact the Cleveland Browns are panicking because they cannot find a head coach.
Keep Rex Ryan happy, give him an extension, and let the talent pool of coordinators replenish. You can reevaluate Rex Ryan if the Jets continue to struggle and or when there are more options for replacements to lead your franchise going forward.