Sexy Rexy has one more year to make things work in Buffalo, or its back to the unemployment line he goes. Just one season after joining the Buffalo Bills franchise as head coach, Rex Ryan has reportedly been issued an ultimatum by team owner Terry Pegulas. According to a report from Vic Carucci of The Buffalo News, Pegula told Ryan and Bills GM Doug Whaley that they needed to get the team to the NFL playoffs in 2016, or they would be sent packing.

Ryan has four years left on a deal signed this past offseason that guarantees him $27.5 million, per Carucci. Whaley has just one season remaining on his contract.

Interestingly, another report published by the News' Tyler Dunne, shortly after Carucci's, suggests that not only was no ultimatum offered to Ryan or Whaley, but that Whaley is working on a "multi-year" extension with the franchise.

Whaley has been with the team since Feb. of 2010. He became the team's GM in May 2013 when former GM Buddy Nix stepped down.

After a disappointing inaugural season for Ryan, Pegula issued a statement making clear that the 8-8, playoff-less finish was not good enough, but that a "stable foundation" was necessary for long-term success.

"As our first full season as owners of the Buffalo Bills draws to a close, management, coaches, players, and fans all feel that our expectations were not met," Pegula said.

"Kim, Russ and I look forward to working and collaborating with Doug Whaley and Rex Ryan in forming a winning future for the organization. Our management team and coaching staff are very capable and work well together. This stable foundation is necessary to achieve long-term success in the NFL."