Santonio Holmes agrees to restructure contract with Jets

AP

We noted on Monday that Santonio Holmes would be wise to agree to take a pay cut with the Jets, and now he’s done just that.

Holmes has agreed to a restructured deal with the Jets, ESPN’s Adam Schefter reports.

Although we don’t yet know the terms of the new deal that Holmes has agreed to, it surely includes a pay cut from the deal he previously had with the Jets, which called for him to make $7.5 million in guaranteed salary and another $3.5 million in non-guaranteed salary this season. Because of the offset language in his contract, the only way he could have made more than $7.5 million on any team other than the Jets was if that team was willing to pay him more than $7.5 million. And no team would pay him more than $7.5 million, considering that he’s coming off a significant foot injury and that his receiving yards have declined in four consecutive seasons.

So Holmes will remain with the Jets, and his pricey contract just got a little less pricey.