According to the report, Cavanaugh was informed of the decision on Monday when head coach Rex Ryan and the rest of the staff returned to work.
It's not surprising to see the move, given the play of the Jets' quarterbacks in 2012-13. Starter Mark Sanchez has simply not improved from season to season, and played possibly his worst yet in 2012. He completed 246 of 453 passes, a completion percentage of 54.3, with 13 touchdowns against a whopping 18 interceptions.
His quarterback rating was a paltry 23.4, though how much of that can be blamed on Cavanaugh is debatable, given that Sanchez has never posted one above 48 before.
The Jets are currently conducting a search for a new general manager to replace Mike Tannenbaum, and any replacement of Cavanaugh's will not likely come until they get their man in that role. San Francisco 49ers director of player personnel Tom Gamble is the front-runner for the GM vacancy.