Chad Pennington -- Ryan Fitzpatrick Needs the Jets ... And Jets Need Him (VIDEO)

It's time for ... "How to Save the NY Jets ... starring Chad Pennington."

The former NY Jets QB was out in Chicago for the Draft over the weekend -- so we had to ask about the quarterback situation ... now that they have FOUR gunslingers in the mix.

The solution -- according to Pennington -- GET A DEAL DONE WITH RYAN FITZPATRICK!

Check out the clip ... Pennington says it's not just the best move for the Jets -- but also for Ryan.

BTW, since Pennington was known for being such a tough guy back in the day, we asked what he thought of Austin Rivers' playoff performance -- playing with 11 STITCHES in his face!

Chad was definitely impressed.