Updated Rules in the New League Year
In an effort to keep everyone up to date with the way the new process will work this looks to be the calender(as always these are my interpretation of the rules and may not be 100% correct):
Voluntary training, conditioning and classroom sessions
Trades among teams
Signing of Drafted Rookies
Signing of Undrafted rookies
Negotiations with all free agents, but no signings allowed
Teams may release their own players
Teams may renegotiate terms with their players under contract
Teams may sign any free agent
All players remaining on roster with offseason bonuses will be deemed to have earned bonus
Jets open Training Camp- no physical workouts for free agents signed; rookies are allowed to workout
New League Year Begins; all players must can be involved in physical activity
RFA Signing Period Ends; Teams have 4 days to match an offer sheet
Last date player can report to camp and earn accrued season
"June 1st" Tender date
Final Date to claim veteran salary cap exemption
Final date to sign David Harris to long term contract
No Dead Money will count towards the cap if the player was released prior to March 11th
All players released after March 11th will be treated as a June 1st cut with future prorations accelerating into 2012.
A team may take up to three $1 million dollar exemptions for veteran players on the team by borrowing against a future cap. The credit is will be applied on a weekly basis if the player is removed from the team. In other words if the Jets used a $1 million credit on Calvin Pace and he was cut in week 8, the Jets would get a $470,588 credit for 2011.
The borrowed seasons will be reaccrued to the cap during the 2014-2017 NFL seasons. The team can choose the way the money is allocated. For example if the Jets take $3 million in credits in 2011 they can reduce each season by $750,000 or one season by $3 million. Its completely up to the team.