We saw reports a couple weeks ago that the Jets would be open to trading away wide receiver Allen Lazard. One thing that’s become more than clear, though, is that New York won’t likely be cutting him anytime soon, per ESPN’s Rich Cimini. 
The former undrafted free agent out of Iowa State signed a big four-year, $44MM contract to follow his quarterback from Green Bay to New York last year. After said quarterback was lost for the year, Lazard went on to put up his worst season since his rookie year. After seeing Lazard step up in 2022 as the Packers’ WR1 following Davante Adams‘ departure, the Jets were hoping Lazard would bring similar success returning to the WR2 role behind Garrett Wilson. While Lazard did just perform as the team’s WR2, he severely underperformed, catching 23 passes for 311 yards and one touchdown while getting outgained by running back Breece Hall and tight end Tyler Conklin.
One may shrug off that lack of production due to Aaron Rodgers‘ season-ending injury, but that excuse doesn’t lessen the impact of Lazard’s contract. With Lazard holding a $12.18MM cap hit in 2024, the Jets can hardly afford for the 28-year-old to repeat last year’s disappointment. Unfortunately, though, with his entire $10MM salary in 2024 already guaranteed, they can’t afford to release him, either. That’s why the team is okay trading him. At this point, trading him would only cost them $2.18MM in dead money while saving them $10MM in cap space; cutting Lazard would cost them all $12.18MM from the salary and prorated signing bonus, leaving the entire amount on their salary cap.
The team also acquired veteran free agent Mike Williams and drafted Western Kentucky receiver Malachi Corley in the third round of this year’s draft. Both players are currently projected to be above Lazard on the depth chart, making it far more difficult for Lazard to improve on his situation and production. Without the ability to release him, trading away the veteran wideout may be the only way to keep Lazard from eating up $10MM of cap space while spending the season as an off-the-bench role player in 2024.
On the other side of the ball, the Jets are showing a lot of interest in extending nickelback Michael Carter II. With higher-profile players like Sauce Gardner, C.J. Mosley, Quinnen Williams, and Jermaine Johnson getting most of the attention, Carter has quietly emerged as one of the top players at his position. Though Pro Football Focus doesn’t grade nickel cornerbacks separately from outside cornerbacks, Carter still ranked just nine spots behind Gardner as the 12th-best cornerback in the NFL. This was only a slight improvement over his placement at 19th in his sophomore campaign.
Now heading into the final year of his rookie deal, the Jets would prefer to get ahead of what could be yet another bout with unrestricted free agency next offseason. A few complications will stand in the way, though. The outside cornerback opposite Gardner, D.J. Reed, also graded out highly per PFF, slotting in at 19th last year, giving New York three cornerbacks in the top-20 in 2023. Reed is also entering a contract year, and Gardner will be eligible for a new contract the following year and will likely draw record-breaking numbers. The team also recently signed Isaiah Oliver who has been one of the league’s better slot cornerbacks in recent years. Although he is reportedly moving to the safeties room in New York, Oliver could slide back into his original position should the team opt not to pay Carter.
The league’s highest-paid nickelback is currently Taron Johnson on the Bills who is under a three-year, $33MM deal. That contract is identical in length and total value to Reed’s expiring deal, and after his top-20 performance in 2023, Reed may push that price up with a successful 2024 campaign. Throw in fact that Gardner’s future contract could push $23 or $24MM per year, and it’s going to be nearly impossible for the Jets to hold on to all three.
New York has some decisions to make in its cornerbacks room. Extending Carter may well be the cheapest of the three deals, but doing so may mark the end of Reed’s time with the Jets. With Gardner the clear, No. 1 priority, New York may be facing a decision of extending only one of either Carter or Reed.