It is looking increasingly likely that in the space of five years, Santonio Holmes is set to go from Super Bowl MVP to unwanted free agent in the NFL.
Holmes has said in the past that he would consider taking a pay cut, but it seems that either the Jets wanted him off their books completely or the two parties couldn't reach a deal.
In 2012, Holmes played just four games and had 20 catches, before being sidelined with a serious mid-foot fracture. He was limited by a hamstring injury to 11 games and 23 catches in 2013, although rookie quarterback Geno Smith wasn't exactly playing well either.
The Jets are also expected to release quarterback Mark Sanchez, which would save them $8.3 million against the salary cap. If the Jets do cut both Holmes and Sanchez it would free up a total of around $16.55 million in space for new signings.
Wide receiver is still a position of need for the Jets and they could be set to bolster the position in the draft and free agent market.
With the 18th pick in the 2014 NFL draft in May, most mock boards have the Jets selecting tight end Eric Ebron with their pick. The former North Carolina state man impressed at the combine and boosted his chances of going in the first round.
Of the free agents available, it is a major possibility that the jets look to the team they got Holmes from, the Pittsburgh Steelers. Steelers wideout Emmanuel Sanders looks likely to be up for grabs.
But if the Jets are willing to spend big money on getting their man then the Denver Broncos' Eric Decker will be at the top of any list.