ESPN's Chris Mortensen reports Pennington re-signed for one year and $2.5 million to be Chad Henne's backup.
The signing was delayed because of haggling over a no-trade clause Pennington insisted upon, but an accord was reached when Pennington dropped the demand in exchange for a $1.515 million bonus if the Dolphins trade him.
The Dolphins wanted to maintain their trade options. But Pennington didn't want to be the one to leave because he likes South Florida and wants his family to remain there.
Pennington is coming off a third surgery to his throwing shoulder. He will serve as a quasi-coach for Henne and provide veteran insurance.
Worth watching is what happens with Thigpen and White. Thigpen is the superior quarterback, but the Dolphins used a second-round draft choice on White a year ago.