The only reason I can think of that we haven't signed him yet is because of the potential lockout. Think about this, if we sign him now to an extension he will have $10-12M in his pocket. How is he going to vote in a few months for a new CBA? Now, what if he doesn't have that cash, you can bet he is going to be more interested in accepting what he can in the CBA so he can get paid. I think this is a subtle conspiracy the owners have going. Of course, there is the aspect that the Packers just don't want to advance a player that kind of money with the possibility of no games next season. Might as well hold on to it and collect some interest - you also run the risk of paying a guy and then having him hurt in a car accident or something.
This is probably Jenkins last big payday in the NFL. He deserves a nice sum - I hope the Packers ante up when the time comes.