The Jets are doing their best to create the cap space they need to make other roster moves, and moves like a few restructures will allow the Jets to sign potential free agents to more than just the lowest level deals.
I'm sure the Jets are focusing on other players as well, but it might be a good thing that this news is now out on Santonio's deal. Holmes has a team-high $11 million base salary as well as some bonuses that take his cap figure to $12.5 million. Holmes is also coming off a season-ending Lisfranc injury and he's not lived up to the expected production of the contract that the team gave him over two years ago.
Of course for Holmes, he took a pretty low number on the first year of his deal, so I don't see why he's going to be incented to move now that he's into the meat on the contract. Holmes holds most of the cards because of a $7.5 million guarantee in his contract and an adverse cap number should the team cut him ($11 million). Even so, the way his contract is written, if he's cut, he's capped at making only $7.5 million for the season and he can't get paid by both the Jets and whoever his new team would be as well ... he's maxed.
The Jets might try and use the restructuring of Michael Vick's deal as a impetus for their reason to restructure Holmes's deal. Even if Santonio refuses to restructure, the team only has $4.7 million in dead money against the current cap, so there might to eat some dead money over the next two years if the Jets are bent on getting rid of Holmes, they might still be able to do it.
Should Holmes be unwilling to re-do his deal, they'll get some leeway from other players like Mangold and maybe Pouha, but why start with team-friendly guys when the toughest challenge will be getting Holmes to agree to a deal and free agency under three weeks away?