The Jets freed up more salary cap space on Tuesday by restructuring wide receiver Santonio Holmes’ contract, according to a source. The move was expected after the team approached the Holmes camp during the Scouting Combine two weeks ago to reduce his $12.5 million cap number for 2013.
Holmes was scheduled to earn an $11 million base salary in the third year of his five-year, $45-million contract, which included $7.5 million in guaranteed money.
Due to offset language in his deal, Holmes couldn’t “double dip” if the Jets decided to release him. The Jets would have only been on the hook for $7.5 million minus whatever salary another team paid him.
However, sources told the News two weeks ago that Holmes never seriously considered forcing the Jets to release him. It’s unknown how much cap room the Jets freed up with the move, but the Daily News has learned that it’s a new, re-worked deal.
Jets restructure Santonio Holmes' contract to clear more salary cap space
New York Daily News | Mar 12