The New York Jets reportedly want Santonio Holmes to agree to reduce his $11 million base salary for 2013 in order to open up some cap space for free agency, according to ESPN New York's Rich Cimini. The team came to Holmes with this request last week, and negotiations have been ongoing since then.
Holmes is guaranteed by his contract to make at least $7.5 this season, whether that's with the Jets or somewhere else, though he also cannot make more than $7.5 million if he is released. Additionally, if he were to be released and sign for less money elsewhere, the Jets would have to make up the difference to bring his salary to $7.5 million.
Holmes finished the 2012 season with 272 receiving yards, as his year was cut short by a serious injury to his left foot. Since joining the Jets in 2010, he has made 30 starts and has 15 touchdown receptions.