New York Jets have enough flexibility under the cap to be active players in free agency. As of Feb. 3, they had an estimated $20.044 million in cap space, according to overthecap.com. That doesn't include tenders for restricted free agents and, obviously, the draft. This is a rough estimate, but the Jets' rookie pool figures to be anywhere from $5 million to $6 million; it could fluctuate, depending upon how many compensatory picks they receive.
The $20 million in cap space is a bit deceiving because it will grow as soon as they start releasing players. They will pick up $8.25 million when they release wide receiver Santonio Holmes. That alone could cover the draft and one free-agent signing. They will create another $9.5 million if they release cornerback Antonio Cromartie, a likely cap casualty.
They don't have to make an immediate move on quarterback Mark Sanchez, whose $2 million roster bonus isn't due until March 25. If they part ways with their former starter, the Jets will gain another $8.3 million in cap room if he's not designated as a "June 1" cut.
By dropping Sanchez, Cromartie and Holmes, the Jets would clear a total of $26 million, putting them more than $40 million under the cap.