Update: Coles Cap Number Reduced

Coles at CampIt seems that Laveranues Coles’ release was contingent on him giving up the guaranteed money.

Here’s what I’ve learned:

As part of the Coles restructuring (and pending free agency), the remainder of guaranteed dollars that was due to Laveranues Coles will come off of the Jets salary cap as of Friday.

It’s a key distinction to make, Coles wasn’t cut, but his deal was re-worked (when I’m not exactly sure) to allow him and the team an option for him to walk out the door, but in the process to forfeit whatever was due to him against the cap in 2009. 

Tannenbaum is too smart to let Coles walk out the door and count that much against the cap.  This is a chance for both parties to find something that can work to their benefit.  

This allows the team to spend money elsewhere and/or find a complementary receiver for Cotchery come 12:01AM Thursday, one that many fans have been asking about for years, while Coles gets to find himself a new team (hopefully not named the Dolphins, but that’s where I imagine he’ll end up) and the longer-term contract he’s been talking about for a long time.

If all else fails, he can come back into the fold as a free agent … something I just don’t see that happening at this point.  By last count, this move puts the Jets over $25 million in space. 

Thanks to the crack team at SNY for the update and help …