Jets Restructure Santonio Holmes’ Contract

Update:

ESPN’s Adam Schefter reports that the Jets have reached an agreement with WR Santonio Holmes regarding restructured contract.

There were reports that Holmes could be released if he refused to rework his deal. It’s almost certain that he’ll receive the full $7.5 million in guarantees he had coming his way next season. This most likely eliminates the non-guaranteed portion of his salary.

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ESPN’s Adam Schefter reports sources have informed him that the New York Jets are expected to approach WR Santonio Holmes regarding restructuring his contract.

Holmes, 28, is set to make $11 million for the upcoming season and, to make matters worse, $7.5 million of that figure is guaranteed, which means he’ll have all of the leverage in the negotiations.

The Jets cleared around $30 million in cap space after they parted with a number of players early last week. They still need to free up some more cash if they’re to fix some of their obvious roster holes, so it makes sense to see what they can do with Holmes’ contract, even if the saving is minimal.