Laveranues Coles wanted a new deal. The Jets were not willing to extend the 31 year old Wide Receiver. So the two parties worked out something entirely different. Coles reportedly agreed to lose his guaranteed salary (6 million for this season) in exchange for his release.
It is a big gamble on his part. He could have played out the season and become a free agent next season. Instead he gets to test the free agent waters in a few days.
Read more about this move and discuss it here.