Update on Cutting a Guaranteed Contract
Just a small update on cutting the players with the guarantees, in particular Holmes. In looking over the CBA again I think I may have made a small mistake in the timing of the acceleration of the guaranteed salary. When a player is cut his guarantees immediately accelerate onto the cap. Normally with a cut that occurs after the season it all accelerates to the next season. But what I forgot is that February is technically the 2011 league season. I think that means if the Jets cut Holmes in early February his $7.75 million guarantee hits the 2011 cap and not the 2012 cap. Because of the way the cap mechanisms work the timing is not important at all to the Jets overall cap space (either they carry over $7.75 million of their 2011 room into 2012 and Holmes has the $12.75 million hit or the Jets don’t carry over $7.75 million and Holmes only has a $5 million hit), but it is an accounting issue.
As of a few weeks ago the Jets officially had $7.9 million in cap room based on published reports. This could explain the strange renegotiation of Sanchez’ contract a few weeks ago where they moved all of $525,000 into a later year. Jenny Vrentas of the Newark Star Ledger reported that a source told her it was simply “housecleaning”. None of us know if there was any other small changes to the contract regarding incentives, but if not the Jets may have just wanted to keep themselves afloat in the event they had to cut one of these players before the new league year begins. $7.9 million might not be enough to cut ties with someone like Holmes before that guarantee for 2013 kicks in since the Jets still had a few weeks to go and threats of injuries could make a $200,000 vanish in an instant. I currently estimate the Jets with just under $8.8 million, but have been off by about $500,000 most of the year. My guess is the actual total is at $8.3 million. The Sanchez restructure gives them the certain ability to cut Holmes while still in the 2011 league year.
2. While Cromartie is average, and overpaid, who else do the Jets have at CB? Kyle Wilson needs to improve a lot (he's likely another 1st round bust)
3. If Holmes is cut, who are the Jets receivers? Its not like the Jets are loaded with good prospects from their great drafting
4. I read a rumor about Peyton Manning. Hell yes I'd cut Sanchez an have Manning for a couple of years, and go after a new QB. Maybe that would help motivate Santanio Holmes to play harder also.
I don't have anything prove Wilson is ready, because we really don't have access to what goes on in the secondary via TV coverage. I did see the Bills-Jets game in person in Buffalo and he seemed to stick to his guy well there, albeit their slot WR, David Nelson is nothing special.
What I do know is, that Cromartie is going to have obscene cap numbers in 2013 and 2014 and I've seen him give up way too many big plays over the last two years to have earned top CB money. While his completion % may be low, Revis works alone on the other side most of the time, so Cromartie not only had the #2 WR, but with safety help as well. Also, what completions he did give up, seemed to go for big plays.
Mike- The Jets rarely get comp picks because they are active in free agency and normally dont let good players walk. This year might be different since I cant recall them signing anyone of merit (your own free agents dont count in the formula) and they did lose Brad Smith to a nice 4 year deal. Shaun Ellis may also factor into it, but as a 1 year deal Im not so sure. My guess is maybe an extra late pick.