Jason's NYJetsCap page (linked so everyone can see it, if necessary). Smith is scheduled to make $12M next year, if the Jets cut him, it will be $0.
The way I see it, the Jets have the following situation, not $20M over, but :
CURRENT CAP COST OF PLAYERS 2013: $142M
2013 CAP INCLUDING Jets carryover $ ~$130M (Rough Estimate)
Assumed Cuts:
Smith, Jason (Savings: $12M) - (Dead Cap Cost: 0)
Pace, Calvin (Savings: $8.56M) - (Dead Cap Cost: $3M)
Scott, Bart (Savings: $7.15M) - (Dead Cap Cost: $1.5M)
Pouha, Sione (Savings: $3.8M) - (Dead Cap Cost: $2.3M)
Smith, Eric (Savings: $3M) - (Dead Cap Cost: 0)
Tebow, Tim (Savings: $1.5M) - (Dead Cap Cost: $1.05M)
2013 Cost with Cuts:
$105M
Total Players on roster 35. The Jets needs to spend $25 Million (roughly) for 18 players, this includes 9 starters (who may be resigned), a lot of them would be replaced by young guys on the team (Slauson, Thomas, DeVito)
Shonn Greene
Dustin Keller
Brandon Moore
Laron Landry
Mike DeVito
Yeremiah Bell
Matt Slauson
Nick Folk
Chaz Schilens
Austin Howard
Bryan Thomas
This is the bottom line. The Jets banked on having a serious increase of salary cap money in 2012/2013 and beyond. When that didn't happen, they were put in salary cap hell. That reason alone is why the GM needs to go. The Jets were woefully unprepared for a scenario where the salary cap did not go up.