Okay, here's the deal on the Laveranues Coles situation. Technically, they didn't release him, but they restructured the final year of his contract, allowing him to become an unrestricted free agent on Friday.
In other words, they voided the final year. And, from what I'm told, his $6 million salary (guaranteed) will come off the Jets' salary cap.
It's hard to believe that Coles would've surrendered that much in guaranteed money for his freedom - he could've had his freedom and the guarantee - but he apparently reached a good-faith compromise with the team.
No cap hit, but yeah now we have a glaring hole at WR.