This is bad news for the Jets. If Revis is cut or traded by that time, Tampa Bay will give the Jets its fourth round pick instead of its third round pick to complete last year's trade. Last year John Idzik was in a less than ideal spot. He had to trade Revis who was coming off a serious injury and demanding an astronomical contract at the time. He couldn't have done much better with the first round pick, drafting the Rookie of the Year with it, but his inability to make Tampa Bay guarantee that third round pick will hurt a bit now.
As far as the Jets go, this could help a bit. A reunion with Revis seems very unlikely given the bad blood on both sides, but the Jets are in a market for a cornerback. The more supply there is, the lower the price is.
At the same time, New England has been rumored to covet the cornerback so him ending up in Foxborough would be unpleasant.