Holmes was due $7.5 million guaranteed and $3.5 million in non-guaranteed salary in 2013 prior to the restructured deal. While the terms of the new deal have not been released, it is believed that Holmes' salary will be reduced to the guaranteed $7.5 million. Had the Jets released Holmes, he would not have been able to make more than $7.5 million unless his new team agreed to give him that much in a new contract.
Coming off a Lisfranc injury in 2012 that limited him to just four games and 20 receptions, no team would have been willing to give Holmes any more money than he was guaranteed with New York, making his decision to accept the restructure an easy one. Holmes' production has reduced in each year since joining the Jets in 2010.
His new deal should save the Jets at least $3 million in additional cap space. The Jets were in cap trouble at the end of the 2012 season, but now have gotten considerably under the cap and have room to go after their targeted free agents.