ESPN's John (The Professor) Clayton has an interesting read on the salary-cap situation of every team. According to Clayton, the Jets are a league-high $19.4 million over the 2013 cap.
Each team is allowed to use a "carryover," moving unused cap room from 2012 into 2013. The Jets have a $3.4 million carryover, reducing the overage to $19.4 million.
Let's put that into some perspective, though. By cutting LB Calvin Pace, LB Bart Scott, OT Jason Smith and S Eric Smith, the Jets will clear $30.7 million in cap space. That will give them some room to operate, but keep in mind that, by cutting those players, they'll have only 10 starters under contract.