The New York Jets have parted ways with their #1 WR Laveranues Coles. The Gang Green, reaching a compromise with Coles, who wanted to renegotiate his contract into a long-term deal the team wanted no part of, restructured Coles' contract to allow him to become an unrestricted free agent at 12:01 a.m. tomorrow.
Coles had one year remaining on his contract for a guaranteed $6M. Had the Jets simply released Coles, they would have still owed him $6 million for 2009 even if another team signed him.
Coles has spent seven of his nine NFL seasons with the Jets, and is 4th on the team's all-time list with 459 receptions. He had 70 catches for 850 yards and a team-high seven touchdowns last season.