Smizzy Posted February 23, 2006 Share Posted February 23, 2006 Jets start clearing cap space Thursday, February 23, 2006 BY DAVE HUTCHINSON Star-Ledger Staff In an effort to get their financial house in order, the Jets yesterday declined the option on cornerback Ty Law and released six players, including offensive tackle Jason Fabini, quarterback Jay Fiedler and fullback Jerald Sowell. Also, the club announced it has restructured the contract of running back Curtis Martin. The Jets, who were roughly $30 million over the projected salary cap, slashed $16.96 million by parting ways with Law ($7.6 million), Fiedler ($6.1 million), Fabini ($3.2 million) and Sowell ($600,000). All but Fiedler were starters. Martin, who turns 33 in May, was scheduled to count $8.1 million on the cap. Terms of his restructuring and the Jets' cap savings were unavailable. The club also released linebacker Barry Gardner, defensive tackle Lance Legree and wide receiver Harry Williams Jr. Veteran guard/center Pete Kendall is also in jeopardy of being released. If he is, the Jets will save another $3.1 million on the cap. The club has asked him to take a pay cut. The Jets, who must be under the salary cap by March 3 and need to have $8.3 million available by 4 p.m. today if defensive end John Abraham decides to sign his one- year franchise tender offer, are hoping to slice even more off their cap by getting quarterback Chad Pennington to rework his contract. General manager Mike Tannenbaum and Pennington's agent, Tom Condon, are expected to meet this week in Indianapolis at the NFL scouting combine. The Jets have asked Pennington to take an $8 million pay cut but Condon has balked. Pennington has a cap number of $15 million next season. The Jets want him to reduce his base salary to $1 million and forfeit a $3 million roster bonus due March 3. If the Jets release Pennington, he'll count $12 million on the cap. Chances are Pennington and the Jets will compromise and Pennington will return. As first reported in The Star- Ledger, Law and the Jets mutually agreed to part ways. Law was due an $11 million option bonus on March 3 that would've triggered the final three years of his deal. Law, 32, earned his fifth Pro Bowl berth last season, notching a career-high 10 interceptions. He's expected to draw interest from the Chiefs, Jaguars, Dolphins and perhaps Patriots, among other teams. Fabini and Sowell are both longtime starters with the Jets. Fabini, a fourth-round pick in 1998, started since his rookie season. Sowell, acquired from Green Bay in 1997, started the past three seasons. Fiedler, a former Dolphin, spent one season with the Jets. He suffered a season-ending shoulder injury in Week 3 against the Jaguars . Link to comment Share on other sites More sharing options...
AFJF Posted February 23, 2006 Share Posted February 23, 2006 clear 8.3 million by 4pm today if Abe signs? should be interesting. He could sign ASAP just to screw the Jets over. Link to comment Share on other sites More sharing options...
4HCrew Posted February 23, 2006 Share Posted February 23, 2006 J Abe could really stick it to the Jets.... would have to start cutting players like crazy Link to comment Share on other sites More sharing options...
Rob D Posted February 23, 2006 Share Posted February 23, 2006 So I was right the other day. The Jets can only use the franchise tag if the cap space is available, meaning that the FO is confident they can easily get under the limit. The way this article is worded, I don't think John Abraham can sign the tender to screw the Jets cap. It sounds to me that if the cap room isn't available by 4pm then the tag cannot be used at all, otherwise a situation could arise where a team has so much money committed to the cap that they cannot get under it. Link to comment Share on other sites More sharing options...
Maxman Posted February 23, 2006 Share Posted February 23, 2006 So I was right the other day. The Jets can only use the franchise tag if the cap space is available, meaning that the FO is confident they can easily get under the limit. The way this article is worded, I don't think John Abraham can sign the tender to screw the Jets cap. It sounds to me that if the cap room isn't available by 4pm then the tag cannot be used at all, otherwise a situation could arise where a team has so much money committed to the cap that they cannot get under it. Rob, They only need to have the 8 million available if he signs the franchise offer. If last year is any indication he won't sign it. So right now John Abe is like a credit card. Eventually they will have to pay but for now, they will just make the minimum payment each month. Link to comment Share on other sites More sharing options...
Scott Dierking Posted February 23, 2006 Share Posted February 23, 2006 Rob, They only need to have the 8 million available if he signs the franchise offer. If last year is any indication he won't sign it. So right now John Abe is like a credit card. Eventually they will have to pay but for now, they will just make the minimum payment each month. My wife is like that too Link to comment Share on other sites More sharing options...
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