With two weeks remaining before free agency begins, the Jets continue to try to get their salary cap standing in order.
The team will attempt to restructure wide receiver Santonio Holmes’ contract as the next step, according to an ESPN report. Holmes is scheduled to earn $11.25 million in 2013, with $7.5 million of that guaranteed. He carries a $12.5 million salary cap, too.
Those numbers do not make it that surprising the Jets would turn to Holmes to restructure the deal he signed in 2011 to provide some cap relief. They could ask Holmes to take a pay cut or just ask him to convert some of his salary into a prorated bonus they could spread out over several years to reduce his cap charge in 2013. Linebacker David Harris and nose tackle Sione Po’uha are also candidates for the Jets to target for restructuring.
A source close to Holmes said last month the wide receiver is not interested in taking a pay cut and is willing to call the Jets’ bluff if they threaten to release him. Holmes missed most of the 2012 season with a Lisfranc injury in his left foot that required surgery in October.
While the Jets could threaten to release Holmes, it seems unlikely they would considering how much they are already lacking playmakers on offense. One thing working in the Jets’ favor is Holmes has an offset in his contract, meaning if they release him and he signs with another team, they are only responsible for the difference between the $7.5 million they were going to pay him and what his new team gives him. For example, if a new team signs him for $4 million, the Jets will only owe him $3.5 million. The Jets would immediately save $1.25 million against the salary cap by releasing Holmes.
Holmes came to the Jets in 2010 in a trade from the Steelers. He had 52 catches for 746 yards and six touchdowns in just 12 games that year. The Jets re-signed him in 2011 to a five-year, $45 million deal. Holmes’ production dipped in 2011 and he fought with quarterback Mark Sanchez. He injured his foot against the 49ers in Week 4 in 2012 and spent the rest of the year on injured reserve.
The Jets began getting their bloated salary cap in order last week by releasing Bart Scott, Calvin Pace, Jason Smith and Eric Smith. The Jets are believed to be about $7 million under the cap at the moment. Free agency begins March 12.