According to the latest reports, the Jets have restructured the contracts of LB Calvin Pace, OG Brandon Moore, LB Bart Scott and RB LaDainian Tomlinson. We don't know the numbers yet, but the main purpose of these moves is definitely to create more salary cap room to sign CB Nnamdi Asomugha. It also seems like the Dallas Cowboys have emerged as the new contestant for Asomugha's services.
The Jets also signed their two 7th round draft picks - both QB Greg McElroy and WR Scotty McKnight received 4-year contracts. We'll have more information on these deals as it becomes available.
The Gang Green also offered a contract to free agent S Eric Smith who has attracted interest from a few other teams.
UPDATE: There's a report that the Jets are interested in WR James Jones from the Packers.