The Jets are required to get their roster down to 75 players by Tuesday afternoon. They did one better getting down to 74 players by releasing QB Kevin O'Connell on Tuesday morning.
O'Connell was originally a 2008 third round pick by the Patriots before being released last summer. He signed with the Lions and was later traded to the Jets. He hardly impressed in preseason going 8-for-16 for 70 yards, two interceptions and no touchdowns.
As SB Nation's Gang Green Nation wrote, this would appear to mean that Kellen Clemens has the third QB job.
Check out Gang Green Nation for more on the Jets roster cuts.