Harvin was reportedly unwilling to take a pay cut to be back with the team because he expects to do well on the open market.
This move reduces the draft pick that the Jets will need to send to the Seahawks as part of their trade from a 2015 fourth-round pick to a sixth-round selection.
Harvin, 26, had another four years remaining on his six-year, $67 million contract that included $25.5 million guaranteed. However, Harvin’s contract includes no guarantees in the coming years, and the Jets wouldn’t incur any salary cap ramifications by releasing him.
According to OverTheCap.com, the Jets will free up $10.5 million by releasing Harvin and create no dead money.
Jason Fitzgerald mentioned earlier in the day that the Jets will pick up $2.8 million in cap room, even after Marshall is factored into their cap.
In 2014, Harvin has caught 51 passes for 483 yards receiving while contributing another 202 yards on 33 carries (6.1 YPC) and two total touchdowns over the course of 13 games.
Pro Football Focus has him rated as the No. 34 receiver out of 110 qualifying players.