The Jets are reportedly trying to restructure the contract of WR Santonio Holmes, who's scheduled to make $11.25M ($7.5M guaranteed) in 2013. The Gang Green have already dumped several veterans, including LB Bart Scott, LB Calvin Pace and S Eric Smith, creating close to $31M in cap relief that put them about $5.7M below the salary cap.
Due to an off-set clause in his contract, the former Super Bowl MVP, who turns 29 next month, won’t be able to double dip and earn more than $7.5M if the Jets cut him. The Gang Green would only be responsible for the difference between $7.5M and his new salary. Although that gives the Jets some negotiating leverage, it’s unlikely that the team would part ways with Holmes, according to the NY Daily News.
Holmes, who signed a 5-year, $45M deal two years ago, had 20 receptions for 272 yards and a touchdown before suffering the season-ending injury against the 49ers in September.