Just last week, the Jets cut veterans Bart Scott, Calvin Pace, Eric Smith and Jason Smith in an effort to get under the salary cap. Having Holmes restructure his contract could free up additional cap space and allow Gang Green to make more roster moves vital to their overhaul.
Holmes is coming off a foot injury that caused him to miss 12 games in 2012.
According to the report, Holmes has an $11 million base salary for 2013, $7.5 million guaranteed, and a $12.5 million cap number. An $11 million cap hit would, at first blush, seem to prohibit cutting the receiver.
However, as ESPN New York's Rich Cimini reported, there is offset language in Holmes' contract, meaning if he's cut, he can earn no more than $7.5 million in 2013. The Jets might be able to use that slight leverage to convince the 29-year-old to shave a bit off of his contract.
The Jets desperately need playmakers, and Holmes knows this. He could tell the Jets to take a hike and dare them to cut him. New general manager John Idzik seems determined to clean house of the bad contracts given out by the last regime, so there is a small chance the Jets will cut their most dynamic offensive player.
Follow Kevin Patra on Twitter @kpatra.