Despite rumors that Alex Green had been released, Ryan confirmed today that this is not the case, so there are currently no roster spots available. However, if Edds continues to impress, he's likely to earn himself a contract and an invitation to camp, which will require them to release someone else to make way for him.
Edds has nice size (listed at 6'4" and 256 pounds) and had a reputation as a good coverage linebacker in college. This led to him being drafted in the fourth round by the Dolphins in 2010, where he was expected to contribute as a nickel linebacker. Unfortunately, he tore his ACL and missed his entire rookie season. He did return to action in 2011, where he saw action on defense in three games and played on special teams in eight others with both the Patriots and the Colts. In week 13, he played 58 snaps for the Colts against New England and recorded nine tackles in a promising display.
In 2012, Edds suffered another setback when tore his ACL again and although he was back with the Patriots for preseason in 2013 (recording five tackles in one preseason game), he was unable to make their roster.
If the Jets sign him, I'll review the film for a full scouting report, but for the time being, it looks like Edds might be a name to look out for over the next day or so. As the signing of Danny Lansanah showed last year, the Jets are not averse to adding an older player in the event they feel he upgrades their special teams and overall depth.