When the Jets opted not to cut the cord on receiver Santonio Holmes after an ugly ending to the 2011 season, the passage of time activated a provision in his contract that gave him $7.5 million guaranteed in 2013 — to go along with the $7.75 million that he already was guaranteed to make in 2012.
After Holmes played in only four games last season, the Jets likely have more than a little remorse.
Now, the Jets will try to restructure Holmes’ contract in the hope of reducing his $12.5 million cap number for 2013, according to Adam Schefter of ESPN.
The fact that the $7.5 million guarantee has an offset provision, reducing the guarantee based on the money Holmes would make elsewhere, makes this situation a little easier for the Jets to finagle than the Mark Sanchez deal, which has $8.25 million fully guaranteed in 2013, with no offset language. But how much would another team pay Holmes if he were on the open market?
If no other team would pay Holmes more than $7.5 million, the Jets possibly could squeeze him into taking less than the $11.25 million he’s due to make. Really, anything more than $7.5 million would be more than he’d make if he were cut.
Of course, there’s also a chance Holmes simply wants out, and that he’s willing to make only $7.5 million in order to leave New York. To get out, he may simply have to refuse to accept a reduced contract for the coming season.