I think Parcells and the Jets said before Peyton's press conference (when he announced he was staying) that if he declared, they would take him #1 overall.
I think that was the pick that they used on Keyshawn Johnson instead.
Now that you've thoroughly embarassed yourself by suggesting that the NY Jets we're going to draft Peyton #1 in 1996 (when Keyshawn was drafted #1) versus the 1998 draft when Peyton was drafted #1 by the colts, feel free to further enlighten us.