The Jets have restructured the contract of guard James Carpenter to open some cap space.
Source: the Jets converted $3.69M of G James Carpenter's $4.45M base salary in 2016 into a signing bonus, creating $2.46M in cap space.— Field Yates (@FieldYates) March 23, 2016
The Jets are tight against the cap for 2016. They were near zero cap space so some sort of move needed to be made to open up room.
Mike Maccagnan seems to be playing the long game in managing his cap situation. He has waited until the last minute to make moves clearing up cap space, only going once he absolutely needs to do so.
That $2.46 million that was created in cap space will have to be paid by the Jets in the cap hits of future seasons. That money will remain on the cap even if the Jets cut Carpenter. After the former Seahawk had a successful first season in green and white, the Jets are willing to bet on him sticking around.