Cutler was probably the only free agent quarterback who could step in for a team and give said team confidence he would be a good starter. For that reason, the Bears locked him up. Also for that reason, Cutler would have commanded crazy money had he hit the market, possibly far more than he was worth.
I am not sure that the Jets would have had any interest in Cutler. It was a longshot that he would have hit the market anyway. It had been a point of discussion, however, so it is worth noting that he is now not an option. If the Jets are not sold on Geno Smith, they will have to look elsewhere.