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Report: Jets will look to restructure Holmes' contract

Santonio Holmes of the Jets is carted off

Santonio Holmes of the Jets is carted off the field during the second half of a game against the San Francisco 49ers. (Sept. 30, 2012) Credit: Getty Images

With the free agency period on the horizon, the salary cap-strapped Jets continue to look for more ways to clear more space.

The team will try to restructure Santonio Holmes' contract, according to an ESPN report. Those contract discussions have not yet taken place, but they're an expected next step, considering Holmes is set to earn $11.25 million in 2013 (including $7.5 million in guaranteed money).

The Jets' salary cap purge began last week when they released veterans Bart Scott, Calvin Pace, Eric Smith and Jason Smith and waived Josh Baker. The cuts allowed the team to clear $30.8 million, putting them under the cap by about $5 million last week. But with the free agency period set to begin March 12, and the upcoming April draft, general manager John Idzik must find more ways to create cap room.

In regards to Holmes, the Jets could either ask him to take a pay cut or convert a portion of his salary into a prorated bonus that can be distributed over several years. But according to the New York Post, Holmes -- who suffered a season-ending Lisfranc injury in Week 4 against San Francisco -- doesn't want to take a pay cut and "is willing to call the Jets’ bluff if they threaten to release him."

Holmes, who was traded from the Steelers in 2010, was re-signed to a five-year, $45 million deal in 2011. He finished with 20 catches for 272 yards and one touchdown in 2012. 

New York Sports