The Jets will try to clear more salary cap space by re-structuring Santonio Holmes' contract, according to a league source.
Gang Green is about $5.7 million under the projected 2013 salary cap after cutting four veterans that cleared $30.7 million off the books last week.
Holmes, who missed the final 12 games of last season due to a Lisfranc foot injury that required surgery, is scheduled to make $11.25 million in 2013, including $7.5 million guaranteed. His 2013 cap charge is $12.5 million.
Due to an off-set clause in his contract, the former Super Bowl MVP won't be able to double dip and earn more than $7.5 million if the Jets cut him. Gang Green would only be responsible for the difference between $7.5 million and his new salary. Although that gives the Jets some negotiating leverage, the News has learned that it's unlikely that the team would part ways with Holmes, who is easily the best receiver on the team when healthy.
Holmes, who signed a 5-year, $45 million deal two years ago, had 20 receptions for 272 yards and a touchdown before suffering the season-ending injury against the 49ers in September.
Read more: http://www.nydailynews.com/sports/football/jets/jets-restructure-holmes-deal-source-article-1.1272339#ixzz2LumYmtSQ
NY Jets will try to restructure receiver Santonio Holmes’ contract to make more salary cap space
New York Daily News | Feb 25