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)
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:
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)
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.