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COLES UPDATE: LC gone, but not cut
By Sean M. Deegan
Publisher, Jets Insider.com
February 25th, 2009
BREAKING NEWS: Updating a story earlier reported by JI. Jets WR Laveranues Coles will no longer be a Jet come Friday but instead of being released, he has voided his contract with the Jets and will become and unrestricted free agent.

In a conversation with Jets Senior Director of Media Relations Bruce Speight earlier this evening, he clarified the transaction to JetsInsider.com.

"Instead of the Jets releasing Coles, he and the team have mutually agreed to re-structure his contract which effecively voids the final year and lets him become an unrestricted free agent on Friday at 12:01 AM," said Speight.

What this means is that the Jets are not on the hook for Coles' previously guaranteed salary which was in the range of $6MM. This figure immediately comes off the Jets salary cap.

Both sides have said they are open to Coles possibly coming back in a new deal but that seems very unlikely. Look for Coles to possibly surface with his old buddy Chad Pennington down in Miami.

Further good news came this evening as NFL Network's Adam Schefter reported that the actual NFL salary cap will actually be $127MM instead of $123MM which was previously estimated. Based on these numbers and the Coles departure, the Jets are in the absurd range of having close to $50MM in cap space this season. They will though undoubtedly need most of it as a good part of the team has been gutted over the past month.

Friday at 12:01 AM should be very interesting.