The New York Jets slashed their payroll Wednesday by restructuring Curtis Martin's contract, parting with Pro Bowl cornerback Ty Law and cutting a host of other veterans, including quarterback Jay Fiedler, offensive tackle Jason Fabini and fullback Jerald Sowell. The team is about $26 million over the salary cap and must be at or under the cap by March 3, the opening day of free agency. The deal with the 32-year-old Martin, the NFL's fourth leading career rusher, was expected. The NFL's top rusher in 2004 underwent arthroscopic injury on his right knee in December and finished the season with 730 yards rushing and a 3.3 average. He was trying to become the first player in league history to rush for more than 1,000 yards in his first 11 years. Martin may be one of the few high-profile survivors in the a cap-forced purge by new coach Eric Mangini although it is likely that the Jets will draft a running back for the future in April.