The Jets, who need additional salary cap space to make more roster moves, will try to restructure wide receiver Santonio Holmes‘ contract, Rich Cimini of ESPN New York reports. This according to sources close to the team.
Holmes is scheduled to make $11.25 million — $7.5 million guaranteed — in 2013. The former Super Bowl MVP made a combined $20 million over the last two seasons.
The cap-strapped Jets began dumping salary last week, releasing veterans Bart Scott, Calvin Pace, Eric Smith and Jason Smith. The cuts created $30.7 million in cap relief and put the Jets approximately $5.7 million under the cap.
Holmes, who turns 29 on March 3, is recovering from a foot injury that sidelined him for the final 12 games of this past season, his third with the Jets.
A seven-year veteran, Holmes has a $12.5 million cap charge for 2013, the third-highest on the Jets. He has the $7.5 million guarantee in 2013, but his contract includes off-set language — meaning he can’t “double dip” if he’s released.
If Holmes gets cut and signs elsewhere, he can earn a maximum of $7.5 million, with the Jets responsible for the difference between $7.5 million and his new salary. The off-set language, therefore, gives the Jets some leverage in a renegotiation.