According to league sources, the Buccaneers are expected to release Revis if they are unable to deal him by 4 p.m. ET Wednesday.
Trade talks for Revis are expected to drag into Wednesday, sources say. Any team trading for Revis would like to work out a new contract, which may mean he could influence where he's traded, if he is traded.
The time is important because Revis has a $1.5 million roster bonus due Wednesday and the fourth-round pick the Buccaneers traded to the New York Jets last year would become a third-round pick if Revis is on Tampa Bay's roster as of 4:01 p.m. ET Wednesday.
Rather than lose the money and the extra round, the Bucs will try to trade Revis. If no deal is worked out, they would likely release him. Either way, the Jets are expected to receive a fourth-round pick from Tampa Bay, not the Buccaneers' third-rounder.
Though Tampa Bay would get nothing in return for Revis if it releases him, it would save the money and the pick and would free up $16 million in salary-cap space -- all of which had been slated to go to Revis -- to spend on other players or re-sign its own.
At least one team said the Buccaneers had been open to dealing Revis since the scouting combine. The Buccaneers have been attempting to trade him, but Revis' contract has proved prohibitive.
The Bucs and Revis have discussed a restructured contract but have been unable to come to an agreement, according to sources.