Im pretty sure Sanchez is done in NY. The expectations for the Jets are too high to have bad performance after bad performance against teams that good teams need to beat.
However, I think the problem in NY is much much deeper than just Sanchez. Ive always been a Rex Ryan hater, and if I were in charge of the Jets I would Get a new HC and start rebuilding. They have a solid defense when healthy, but their offense is horrible in every aspect of the game. They need playmakers at RB/WR/QB. They need a better o-line. They need a lot of things and I wouldnt be surprised if the jets look like a new team next year.
Well McElroy is getting the start this week, so we'll see what he's got, although I doubt that next years starter is on the current roster, and I wouldn't be surprised if the Jets pick up Vick for next season. Since Vick would probably miss some games (or at least leave some games with injuries) it would give Sanchez some playing time which would make paying him his 9 million in guaranteed money sting a little less.
I hate how all the Jets fans that try to defend Sanchez use the argument that they didn't bring in any weapons at WR for him. Good QB's don't need their team to bring in star receivers to be good. They have a good veteran on the team and then work with the receivers they draft and develop them into good play-makers. It's game managing QB's like Sanchez and Alex Smith (who at least didn't turn the ball over like Sanchez) that need to be surrounded by star receivers in order to win some games. Any other team with a decent QB just works with who they draft, so if it seems like they don't have any good receivers it's partially the QB's fault for not working with them and delivering some nice easy passes to them.
The first few seasons you have some star receivers for your QB to throw to (which the Jets did for Sanchez, much like the Redskins have for done for RGIII and the Colts for Luck) whether they were already on the team or you have to acquire them in a trade, and then you replace them with draft picks since teams can't afford to keep paying out big contracts to that many receivers, and since some of them get too old. That's why you see veteran star WR's bouncing around from team to team, since a lot of teams will acquire them for a season or two to give their young QB a proven target, and once the QB's confidence is up and starts passing to the younger receivers they drafted the team can trade the receiver to another team looking to do the same thing with them, freeing up some salary cap space in the process.
The Giants drafted all of their WR's in recent years (hell, Cruz was undrafted) and developed them into the talent that they are today. The Falcons did the same, as did the Broncos, the Cowboys, and most other teams that have a QB that is truly starter material in the NFL. That's why you will know a few big name receivers at the beginning of a QB's career, and a few seasons later you will see all new names, yet the team will do just as well if the QB is any good.
So right now everyone is saying that the Jets don't have any talent at the WR position, but who knows, with the right QB some of these players might turn out to be great players.