Now they could be stuck with him because of an unusual clause in the contract.
Holmes is due a fully guaranteed $7.75 million in base pay for 2012, according to a person familiar with the contract. In addition, if he's on the Jets' roster on the second day of the waiver period (Feb. 6), more than half of his 2013 salary becomes guaranteed -- specifically, $7.5 million of $11 million.
So they can cut him before then, right? Well, no. They can't do that because there's not enough room under their 2011 salary cap to absorb the cap hit that would occur if they cut him before the start of the 2012 league year in March.
In essence, it looks like the Jets are locked into Holmes for $15.25 million in guaranteed money. They could cut him in March, but that would mean eating the $15.25 million in cash and taking an $11.25 million cap hit in 2012 -- $2 million more that it would cost to have him on the roster.
A trade? Sure, that's possible, but it would be extremely difficult because of the financial implications and his decreased market value.