San Diego Chargers general manager A.J. Smith said today that talks with former N.C. State quarterback and No. 4 overall draft pick Philip Rivers have completely broken down and the Chargers have "pulled their offer off the table."
Smith said the team offered him a deal that exceeded No. 2 overall pick Robert Gallery's numbers with the Raiders and insisted the team would not pay him according to Eli Manning's deal with the Giants.
Smith said he had told Rivers and his agent Jimmy Sexton that they had until 5 p.m. last Sunday to accept the offer or it would be pulled. The pair rejected the deal.
Now Smith says talks are dead. He also added that had Rivers and Sexton not accepted the original deal, all future deals would decrease in value.