I have to hand it to WhiteShoeWillie, one of my favorite posters (and a fellow poker player) from my favorite Jets fan site, TGG. Obviously, it's my favorite because I'm an administrator, but I digress.
He makes a fantastic post on the Jets' salary cap situation for 2009. He uses NYJetsCap.com for his projections.
I highly suggest checking out that post. He divides the Jets' high-salary players into two categories: those who would provide significant savings if cut or traded(Brett Favre, Brandon Moore, Shaun Ellis, David Barrett, David Bowens, Chris Baker, and Kris Jenkins) and others who may be restructured or have interesting cap numbers (Laveranues Coles, Kerry Rhodes, Kenyon Coleman, and Bryan Thomas).
The SparkNotes version of his post is that Baker and Barrett are probably goners and Favre retiring would provide $13 million in cap relief. The Jets are currently $8,249,475 over the salary cap, but with the suggestions WhiteShoeWillie suggests, they would be $16.37 million under the cap.