The Jets have said they want to re-sign him and Holmes is on record that he wants to come back. A source who knows Holmes well told FOXSports.com that the wide receiver "is absolutely looking forward to playing the rest of his career in a Jets uniform.
Both Holmes and Edwards might have a first choice of staying, but it is going to come down to what makes financial sense for them.
I am rooting for Holmes to be the top priority. He is one of the most complete receivers in the league. Not that pure vertical threats like Edwards are easy to find, but they are easier to find than guys who can do everything like Holmes. I know Edwards will probably be more affordable, but there is a reason. Even in what was the second best year of Edwards' career, Holmes was more productive when in the lineup. The potential difference in salaries will probably not be worth an impact player.
If both David Harris and Bart Scott hit the open market at the same time, Scott would probably be cheaper, but I think most people would want Harris because getting a better player is worth a little more money.
My pipe dream remains the two of them getting together and figuring out a way they can both stay.