Greg Biffle, Roush close to new deal

DAYTONA BEACH, Fla. -- Sprint Cup Series driver Greg Biffle said Thursday that he and primary sponsor 3M are close to reaching an extension with Roush Fenway Racing.

Biffle and teammate Carl Edwards are in the final year of their contracts with Roush Fenway. Biffle said negotiations on his deal are to the point that they could be concluded before the end of the first quarter of the season, or perhaps by the break that occurs after the third Cup race.

Biffle would not reveal the length of the deal, but said he expects it to be in the two- to three-year range, as most recent contracts have been. He added that the value of the deal, because of economic conditions, will be "significantly" less than his last contract, which was signed in 2008.

"It'll be a big adjustment for a lot of people," said Biffle, one of eight Sprint Cup drivers who will be a free agent after this season if there is no deal. "Lots of us had some pretty rich deals in the heyday. It's going to get a reset."

As an example, Biffle said that if sponsor dollars are down 40 percent, "that's got to come from somewhere." He added, though, that the 3M portion of the deal will surprise people, a suggestion that the length of the contract could be for more than three years.

Biffle has been with Roush Fenway since the 2003 season. He has won 16 races and qualified for the Chase for the Championship for three straight years.

As for Edwards, he said he would leave his options open.

"What I want to do is what is going to give me the best chance to win the most championships," he said.

David Newton covers NASCAR for ESPN.com. He can be reached at dnewtonespn@aol.com.