It was widely expected that the Jets would make a host of coaching changes this off-season after falling to 5-11. A host of coaches have been let go (article to come), but Chan is by far the most notorious.
"I'm grateful to Chan for joining our coaching staff and enjoyed working with him, the respect I have for him as a person and a coach only increased during our time together" - Bowles
The Jets had the second worst offensive DVOA in the league this year, and despite losing several key members of the unit to injury, the 1-5 start while healthy doomed this team.
Chan will soon be 65 years old and he may well take a consultancy role somewhere in the NFL. It's worth noting that while the Jets experienced a down year in 2016, Chan did oversee a 2015 unit which put up a franchise record 5,925 yards of offence as well as 387 points, the most points we've scored since 1998.
Happy retirement Chan, but I really think this is a positive for the Jets.