Peter King has some information about what the Jets and Darrelle Revis might be seeking.
Jets would want a 1, at least, for Revis. He'd want franchise-QB money in this flat-cap era, coming off ACL surgery. Good luck with that.
Calling it "franchise quarterback money" makes it sound unprecedented. Really, Revis' demands seem more in line with other elite players at their position like Calvin Johnson, who is also making "franchise quarterback money." Trading Revis raises his cap value for this year, and by cutting some dead weight, they can get themselves out of cap hell beyond this. Dealing Revis is not a long-term cap necessity.
The question comes down to whether the Jets can improve their team long-term by dealing Revis. By getting a number one pick in return, the Jets would in essence be giving up a great player in the hopes that a number one pick would turn into an equally great player. In reality, Revis might not even be able to fetch a number one. The last time the best cornerback in the league was traded, Washington had to throw in a second round pick with Champ Bailey to land Clinton Portis. Bailey was not coming off a serious knee injury either, and Draft picks were less valued. It's really tough to see Revis bringing back a huge return.
You might gain a pick and some cap space dealing Revis. Just replacing his value could very well eat up those assets.