Jason Fitzgerald of Over The Cap reports the Jets are agreeing to a revised contract with WR Allen Lazard for $8.5 million in cap savings.
Lazard will take an $8.5 million pay cut with $1.75 million of his salary guaranteed, and he will now become a free agent after the season.
His cap number was scheduled to be $13.2 million but will now drop to $4.6 million. The Jets will take on a dead cap hit of $4.368 million for 2026 when his contract voids.
The Jets permitted Lazard to seek out a trade this offseason, but there wasn’t any reported buzz since then which led to a revised deal to stay with New York.
Lazard, 29, wound up signing on with the Jaguars as an undrafted free agent out of Iowa State back in 2018. He agreed to a three-year, $1.71 million contract with the Jaguars, but was waived coming out of the preseason.
The Jaguars later re-signed Lazard to their practice squad after he cleared waivers before the Packers signed him to their active roster toward the end of the 2018 season. He was re-signed by the Packers as an exclusive rights free agent the following two offseasons and was tendered at the second-round level as a restricted free agent in 2022.
Lazard signed a four-year, $44 million contract with $22 million guaranteed with the Jets in 2023.
He was due base salaries of $11 million in each of the final two years of the deal.
In 2024, Lazard appeared in 12 games for the Jets and recorded 37 receptions on 60 targets for 530 yards and six touchdowns.
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