According to Rich Cimini of ESPNNewYork.com, the Jets have asked wide receiver Santonio Holmes to take a pay cut.
The two sides are still talking, according to a source, with the Jets insisting that he reduce his $11 million base salary. The team needs the cap space as it heads into free agency.
It’s a bit complicated because Holmes is guaranteed $7.5 million whether he’s on the team or not, but there’s language in his contract that prevents him from exceeding $7.5 million if he’s released. In other words, if he signs elsewhere for $3 million in 2013, the Jets are on the hook for only $4.5 million. He can’t “double dip.”
Holmes’ cap number for 2013 is over $12 million. The Jets need to chop that number down a bit.
If Holmes wants out of New York, now would be the time to get out. He just turned 29 and would certainly draw some interest on the open market.