The team frees up some cap space.
According to the beat reporters, Antonio Cromartie has restructured his contract. Cromartie was due a $2.3m roster bonus and a base salary of $7m. His base salary will be reduced to $840,000. This will free up approximately $4.23m. The downside to this is that it prorates his signing bonus over the next two years, increasing next year's cap charge to by about the same amount. On the flip side, the team should have significantly more cap space next year to work with anyway. Win/win for the team and for Cromartie, as the team receives more space to work with, and Cromartie gets his salary guaranteed.
As for Santonio Holmes, the mercurial wide receiver dropped his base salary from $11m to $7.5m, as I stated was likely yesterday. This frees up approximately $3.5m in space. Thanks, Holmes!
David Garrard's new deal is worth $1.1m in cap space, with a $1m base salary and a $100,000 signing bonus, which is plenty cheap for who, I would argue, is likely to be our starter.
All of this leaves the New York Jets with approximately $15.5m in cap space. As for rookie costs, the rookie draft pool is likely to cost $5.6m but the team will only need to allocate $3.2m as they are replacing current players on the roster (looks like Smackdad was correct about this).