Some of that cap room should be used to lock up Wilkerson, and possibly re-sign Howard, Cumberland, and Colon with a slight bump in salary assuming they play well and stay healthy. And don't forget the annual Schlauderaff contract.
If they decide to keep Cro, they are going to have to re-do his contract. His cap $ is almost $15 million for 2014. I wonder if he would threaten to let them cut him and test the FA market if the Jets' offer is too low. The market isn't good for corners, but I guess that depends on whether the Jets really lowball him. I'm sure he'd have some motivation to stay with Rex. He's 29 years old, but with his athletic ability he potentially could play better for a little longer than your average corner.
Depending on how Harris plays (good or bad) they may try to do something with his contract. I don't think they'd extend him, but his salary goes down next year and they might just let him play out his contract if he plays well. If he sucks, I think they'd just cut him and save $5 million towards the cap. I guess its possible they could do what they did with Holmes this year if they feel he has no chance to earn his current salary in free agency. Just cut his salary.
At one point I thought there was a tiny chance they might try to keep Holmes, but I think that ship has sailed.
We'd still have plenty of cash left for free agents, but you don't stay good by overpaying for premium talent. Every time you overpay or make a dud draft pick, it eventually hurts the team, even if it isn't that year. It's all about getting value for talent.