The Jets are expected to have roughly $14 million in operating room under the cap due to recent contract maneuvers with quarterback Mark Sanchez and D’Brickashaw Ferguson and their ability to carry over roughly $7 million in unused space from last season.
The big needs right now exist at both safety spots, right tackle, wide receiver, outside linebacker, inside linebacker (since Bart Scott seems to be out the door), and backup quarterback. In other words, the Jets are really going to have to stretch in order to fill every need they have. They are likely looking at modest upgrades at these positions. The money is just not there for big ticket moves.
There is also the Draft, but it behooves the team to fill as many needs in free agency as possible. You want to Draft for impact. Imagine the Jets have filled their holes, and Trent Richardson falls. They can easily take Richarson. If they don't fill their needs, they could end up in a position where they have to decide whether to fill it or take Richarson, leaving the hole.