The rebuilding process for the New York Jets has begun as the team has started to make several moves to address their salary cap issues. Here is a recap:
Holmes agrees to restructure: According to several published reports wide receiver Santonio Holmes has agreed to restructure his contract. This move will save the Jets approximately $3.5 million dollars in cap space.
"He was due to make a $7 million base salary plus the roster bonus, a total of $9.3 million. His base pay dropped to $840,000, the roster bonus was eliminated and he will receive the difference in the form of an $8.5 million signing bonus that will be pro-rated over the next two years. It drops his cap charge to $6.25 million, a savings of about $4.2 million."
This move buys the Jets another year with Cromartie and will force the team to either extend or release Antonio in 2014.
Jets set to release Po'uha: The New York Jets are prepared to release veteran defensive tackle Sione Po'uha. The move will save Gang Green approximately $3.8 million dollars in cap space. Just a note: I think there is a decent chance that Po'uha returns at some point under a cap friendly contract.
Garrard's contract: Several media outlets are reporting that David Garrard's contract with the Jets is for one year at $1 million dollars, with a $100,000 signing bonus.
Coming and Goings
Scheduled to visit the Jets: Mike Goodson (running back- Raiders), Brandon Gibson (wide receiver-Rams), Brandon Banks (returner-Redskins)
Jets free agents: Mike Devito has signed with the Chiefs ( 3 yrs, $12.6 million), LaRon Landry is meeting with the Colts, Shonn Greene meeting with the Titans, Matt Slauson on the Giants and Cowboys radar