When the Jets opted not to cut the cord on receiver Santonio Holmes after an ugly ending to the 2011 season, the passage of time activated a provision in his contract that gave him $7.5 million guaranteed in 2013 — to go along with the $7.75 million that he already was guaranteed to make in 2012.

After Holmes played in only four games last season, the Jets likely have more than a little remorse.

Now, the Jets will try to restructure Holmes’ contract in the hope of reducing his $12.5 million cap number for 2013, according to Adam Schefter of ESPN.

The fact that the $7.5 million guarantee has an offset provision, reducing the guarantee based on the money Holmes would make elsewhere, makes this situation a little easier for the Jets to finagle than the Mark Sanchez deal, which has $8.25 million fully guaranteed in 2013, with no offset language. But how much would another team pay Holmes if he were on the open market?

For more on this story visit: Mike Florio, NBC Sports Pro Football Talk