Laveranues Coles Gives Up $6 Million to Become a Free Agent

Laveranues Coles has done the unthinkable. The wide receiver had one year left on his contract with the Jets, a contract that the Jets had guaranteed prior to 2008, thus promising Coles $11 million through the 2009 season.

Instead, Coles has -- shudder -- turned down his remaining, secured $6 million via a contract restructuring that will immediately set the veteran loose. New York, for its troubles, takes that money off the books, opening up a hefty piece of cap space just two days prior to the start of free agency.

"I have had the pleasure of getting to know Laveranues since he has entered the league in 2000," Jets general manager Mike Tannenbaum said in a statement. "He is a fierce competitor, a great teammate and a good friend who has always given his best to the New York Jets. I spoke with him today and expressed my appreciation for his contributions both on and off the field. This move will allow Laveranues to explore his options, and we both agreed to keep the lines of communication open."

This is a pretty unique situation. These days, with the league's high injury frequency -- not to mention star players occasionally becoming very average -- how much guaranteed money is involved in a deal is almost as important as the overall terms.

Rarely do players give the ol' "Thanks, but no thanks" to financial security. The 31-year-old Coles, though, coming off a solid season in which he had 70 catches for 850 yards and seven TDs, may see his last opportunity to convince a team he's worth another multi-year contract laid out in front of him.

He also might see this offseason's fairly mediocre wide receiver free agent class. After T.J. Houshmandzadeh, there aren't many game-changers available. You probably can't call Coles a game-changer anymore, either, but he's certainly in the mix with guys like Bobby Engram, Jerry Porter, Marvin Harrison and Joey Galloway when you're talking about available wide receivers that could help a team.

New York will have to use some of Coles' returned $6 million on another wide receiver (though probably not Coles himself). The Jets now find themselves in need of wide receivers -- Jerricho Cotchery instantly becomes the best returning Jets' wideout, but there's not a whole lot behind him.