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CHAD SIGNS WITH DOLPHINS

Chad Pennington, who was stung badly by his release from the Jets on Thursday, rebounded quickly by signing a two-year, $11.5 million contract with the Dolphins last night, according to multiple NFL sources.

Pennington, who after eight seasons with the Jets in which he led them to the playoffs in 2002, 2004 and 2006, was released to make room for Brett Favre, will now start for the quarterback-poor Dolphins.

That sets up a tantalizing season-opening match-up between Favre and Pennington as the Jets play the Dolphins in Miami on Sept. 7. The Jets and Dolphins also play in the regular season finale on Dec. 28 at Giants Stadium.

Pennington reunites with Dolphins boss Bill Parcells, who drafted him in 2000, and his former offensive coordinator with the Jets, Dan Henning.

Can you imagine the Jets, unveiling Favre for the 2008 season, losing to Pennington and the Dolphins to start the season? Talk about pressure. And can you imagine the Jets, needing a win to get into the playoffs in the regular-season finale, being knocked out of the postseason by Pennington and the Dolphins?

Both are frightening possibilities for the Jets, whose expectations for a special season have been ratcheted up with the $140 million offseason spending spree culminated by the massive trade for Favre.

Speaking publicly for the first time since his release, Pennington insisted he’s not bitter at the Jets or Favre, said he’s “at peace” with the situation.

He, too, said signing with Miami had nothing to do with revenge against the Jets.

“I can say, without a shadow of doubt, I have no feelings about that whatsoever,” he said. “[Signing with Miami] won’t have anything to do with the New York Jets or me trying to prove a point.”

Pennington said what jarred him most about being released by the Jets was the immediacy of the ending.

“The most difficult part of the last 24 hours was coming to the realization that you’re no longer wanted by your organization,” Pennington said.