In a long awaited move, according to Conor Orr, the New York Jets have released OLB Calvin Pace, OT Jason Smith, and S Eric Smith. TE Josh Baker has also been waived. By my estimation, this should free up approximately $24,000,000 in cap space, obviously a tremendous amount.
This is nothing new, as these cuts were expected. Pace is generally considered an epic bust after coming here from the Arizona Cardinals with a big contract and big expectations as a pass rusher. Considering the team may lose both starting safeties to free agency, I wouldn't be surprised if Eric Smith is re-signed for the vet minimum (ugh). The more interesting move is Baker though, and it could be a sign of his the extent of his knee injury, although we may simply see him re-signed later depending on if he heals up. However, this is just the beginning, as we can expect several others to be cut as well (including Bart Scott).
Update: Per Conor Orr:
Update 2: Per Conor Orr, Bart Scott has now been cut. This should save the team an additional $7m or so.
Alrighty then. RT @nyjets: Jets announce LB Bart Scott has been released.— Conor Orr (@ConorTOrr) February 19, 2013