Lynch was a fifth-round draft pick last year out of Georgia, but spent his rookie season on injured reserve with a back injury. The Jets made the move Tuesday to add depth to the tight ends spot with Jace Amaro (shoulder) and Steve Maneri (hamstring) banged up.
Lynch had 56 career receptions for 907 yards and eight touchdowns with the Bulldogs.
Schum, who was also in training camp with the Jets last summer, was competing with incumbent Ryan Quigley for the punting job.
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