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Jets Reportedly Looking To Restructure Santonio Holmes’ Contract

Santonio Holmes (credit: Gregory Shamus/Getty Images)

Santonio Holmes (credit: Gregory Shamus/Getty Images)

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NEW YORK (CBSNewYork) – In search of more salary cap relief, the Jets will attempt to restructure the contract of wide receiver Santonio Holmes, according to multiple reports.

The club cleared about $31 million in cap space last week when they cut veteran linebackers Bart Scott and Calvin Pace, safety Eric Smith, offensive tackle Jason Smith, and tight end Josh Baker.

The Jets re-signed Holmes to a 5-year, $45 million deal in 2011. He’s due $11.25 million this season, with $7.5 million guaranteed.

Though a clause in his contract would prevent Holmes from earning more than the guaranteed amount, “it’s unlikely that the team would part ways” with their top receiver, according to the New York Daily News.

Holmes’ current contract carries a $12.5 million cap number for 2013, the Daily News reported.

The 28-year-old missed the final 12 games of 2012, requiring season-ending surgery for a Lisfranc injury in his left foot. He had 20 catches for 272 yards in four games.

It’s just one of many key decisions to come from new general manager John Idzik, including what to do with backup quarterback Tim Tebow, who is expected to be released if the Jets can’t find a trading partner.

The Jets are around $5.7 million under the projected cap for 2013, the Daily News reported.

Do you think there’s any chance the Jets cut Santonio? Be heard in the comments!