In order to get under the NFL salary cap, the New York Jets waived the following 6 players today: OT Jason Fabini, QB Jay Fielder, LB Barry Gardner, DT Lance Legree, FB Jerald Sowell, WR Harry Williams Jr.
Also, the Jets and CB Ty Law mutually agreed today not to exercise the contract options for the 2006, 2007 and 2008 seasons.
OT Jason Fabini and CB Ty Law are obviously the two most significant departures. The former was going to earn $3.2M in base salary this season, while Law was due an $11M roster bonus.
The next big move might be the release of QB Chad Pennington who is scheduled to receive a $6M base salary next season and a $3M roster bonus on March 3. The club wants to reduce his base salary to $1M. If Pennington refuses, he could get released, although the Jets would take a $12M cap hit.