Coles wants a long-term deal. The Jets don't want to give it to him. He has one year left on his deal, for a guaranteed $6 million. If he had been cut, that entire figure would have counted against the cap.
So Coles and the Jets reached a compromise. He took less than $6 million (we aren't sure of the figure yet) and was granted his release on March 1.
Coles thinks he can get a lucrative long-term deal on the street.
You have to wonder if a team, like Miami or Cleveland, has a wink-wink deal with Coles. Why else would he give up $6 million guaranteed?
A team that would make perfect sense for Coles are his hometown Jacksonville Jaguars. They need a #1 receiver, and he surely would give them a hometown discount to be able to live in his mansion year round.