According to Yates, Davis was set to make a base salary of $3.7 million for the 2017 season, but now stands to make $1 million, which includes a $100,000 signing bonus. He can earn another $1.225 million in incentives as part of his restructured contract.
The Jets have since released veteran LB David Harris, which creates an opportunity for Davis moving forward.
Davis, 28, is a former third-round pick of the Jets back in 2012. He spent four years in New York before signing a two-year, $8 million contract with the Browns that included $4.2 million guaranteed last year.
Davis was traded to the Jets in return for S Calvin Pryor a few weeks ago.
In 2016, Davis appeared in all 16 games for the Browns and recorded 99 tackles, two sacks, a forced fumble and two pass defenses. Pro Football Focus has him rated as the No. 59 linebacker out of 87 qualifying players.