The team can save $9.25 million in salary cap money by releasing Holmes. He is due $1 million if he is on the roster on March 13 and carries a $10.75 million cap number.
Holmes, who turns 30 next week, signed a five-year, $45.25 million contract with $24 million guaranteed in 2011. In four seasons in New York, Holmes has 146 catches for 2,128 yards and 16 touchdowns, including 23 receptions for 456 yards in an injury-plagued 2013 season. BEDARD: The Free-Agent Countdown, 50 to 1