Report: Lazard takes pay cut to remain with Jets

The New York Jets and wide receiver Allen Lazard agreed to a restructured contract that includes an $8.5-million pay cut in 2025, a source told Jason Fitzgerald of Over The Cap.

Lazard, 29, will have $1.75 million of his salary for the upcoming season guaranteed, Fitzgerald adds. He's also now reportedly scheduled to become a free agent a year earlier in 2026.

The reworked deal will lower Lazard's 2025 salary-cap figure from $13.2 million to $4.6 million, according to Fitzgerald. The Jets will also reportedly take just under a $4.4-million dead-cap hit in 2026 when his deal becomes void.

Lazard joined New York on a four-year, $44-million deal during free agency in 2023. His production hasn't matched the price tag, as he has posted a combined 841 yards and seven touchdowns across his two seasons, with 530 yards and six scores coming in 2024.