The NFL free agency period is a bit like the 100-meter dash: after months of hype and discussion, the whole thing ends rather quickly. It’s been just eight days, but signings are already winding down, and most of the league’s top free agents are spoken for.

Within a couple of days, the Jets will have a general idea of their 2005 roster, minus April’s draft picks. The trade of Santana Moss for Laveranues Coles became official last night, prospective backup quarterback Jay Fiedler visits the team today, and by tomorrow the Jets will know if Denver has matched an offer sheet on restricted free-agent tight end Jeb Putzier.

While there are reasons to be optimistic about the offense, however, there are even more reasons to be pessimistic about the defense. The Jets went into the off-season wanting to upgrade at cornerback and safety. After the events of the past week, they have a huge hole at defensive tackle as well.

Here’s a look at where the Jets stand, and what they have to do to improve at each position.

QUARTERBACKS

Chad Pennington re-established himself as one of the NFL’s best young quarterbacks in the first half of 2004, then battled a rotator cuff injury in the second half that dramatically hindered his ability to throw deep. Arthroscopic surgery after the season found that the damage was accompanied by a slight labrum tear in his shoulder.

Unlike in baseball, the torn labrum is not a career-shattering injury in the NFL, where the mechanics of throwing rely more on hip strength and arm extension than shoulder rotation. If Pennington’s rehabilitation process stays on schedule, he should be ready for camp in late July. If things run late, he could miss the start of the season.

That’s why the search for a backup quarterback is particularly important. Last year’s backup, Quincy Carter, is probably gone as a free agent. The latest rumor has the Jets pursuing Fiedler, the 33-year-old ex-Miami signal caller.

Fiedler would be the perfect fit. His game is based on minimizing mistakes, making accurate throws, and doing enough to let the running game and defense win for him: Pennington Lite.

If he opts to go elsewhere, the best plan for Gang Green is probably the return of the ageless Vinny Testaverde.

RUNNING BACKS

Curtis Martin’s 1,697 rushing yards were a major reason why the Jets made the playoffs, but they also put the team in something of a bind. The Jets were just about ready to move LaMont Jordan into the starting lineup and begin to phase out Martin, but the coaches aren’t about to deemphasize a guy who led the league in rushing. As a result, Jordan has left for Oakland, where he will start after signing a five-year, $27.5 million deal.

No matter how well he takes care of his body in the off-season, Martin will likely decline next season. Running backs generally begin to decline after age 28, and Martin carried the ball 371 times last year at the age of 31 – a repeat performance in 2005 would be historically unprecedented.

Luckily, the Jets have managed the best possible solution, bringing in Derrick Blaylock from Kansas City. Blaylock, who signed a five-year, $11.1 million contract, was much cheaper than Jordan, and is used to playing behind a better-known back. In Kansas City, he was as good as Priest Holmes on a perplay basis, and will slip into Jordan’s roles as backup and heir apparent.

The Jets might consider taking a flyer on a late-round running back who can play special teams and back up Blaylock should Martin’s age lead to injury. Either way, Jerald Sowell is still here, and remains one of the best pass catching fullbacks in the league.

WIDE RECEIVERS

As noted in this space last week, the upgrade from Santana Moss to Laveranues Coles is much smaller than advertised. But while it may not be reasonable to expect Coles to repeat his success from 2002, his reunion with Pennington should improve both players significantly.

The other reunion on offense features new offensive coordinator Mike Heimerdinger and second receiver Justin McCareins, who had much success together in Tennessee. Heimerdinger will still run plenty, but he’ll also open up the air attack with longer passes and more multiple-receiver sets. The question is: Who will those other receivers be?

Wayne Chrebet is clearly decaying, and this may be the make-or-break season for Jonathan Carter, who hasn’t done much in the league despite great speed. Drafting a second or third round wide receiver is also a possibility.

TIGHT ENDS

Both of last year’s tight ends are free agents. Anthony Becht is an unrestricted free agent and will probably split, while Chris Baker is restricted and will probably stay. He may be backing up another restricted free agent, Putzier. The Jets surprised many by offering Putzier a $12.5 million offer sheet with a $2.5 million bonus, and if Denver doesn’t match the offer, Putzier will become a Jet at the tiny cost of a sixth-round draft pick.

Putzier had an exceptional third season in Denver, catching 36 passes for 572 yards and finishing second in yards per catch by tight ends. But it’s hard to tell how much Putzier is responsible for that performance, since the Denver offense is structured to feature its tight ends and Putzier played in a total of seven games before 2004. If nothing else, Putzier might be worth it just for the giggles he will give Yiddish-speaking Jets fans.

OFFENSIVE LINE

This unit was one of the league’s best in 2004 at creating holes for the running backs and protecting the QB. Four starters return, but free-agent right tackle Kareem McKenzie will switch Meadowlands parking spaces after signing with the Giants. Jason Fabini wants to switch from left tackle to right tackle, which would be a bad idea.

The top remaining free-agent tackles, Stockar McDougle and Victor Riley, play on the right side, and the alternative to signing a free agent is last year’s fourth-round pick, Adrian Jones. A second-year player with no NFL starts is not the best choice to protect the blind side of a quarterback recovering from shoulder surgery.

DEFENSIVE LINE

By franchising defensive end John Abraham and allowing defensive tackle Jason Ferguson to leave, the Jets made a conscious choice to emphasize the pass rush over run defense. It was the wrong decision.

The Jets took a step forward on defense last year thanks to their ability to stop the run, not the pass. They were fifth in the NFL in yards allowed per carry, but 18th in net yards allowed per pass attempt. Abraham is a gifted pass rusher, but he is overvalued because his sacks are easier to count than the number of times Ferguson forces a double team. Also, Abraham has missed 13 games over the past two seasons, while Ferguson has missed none.

Replacing Ferguson will be difficult. Even if veteran free-agent Josh Evans re-signs, he’s known as a pass-rusher more than a run-stopper. Backup Alan Harper hasn’t played much in three seasons. The Jets have signed Lance Legree from the Giants, but he’s never started on a regular basis and has a hard time eluding blocks.

LINEBACKERS

This is the strongest element of the Jets’ defense, especially after a monster rookie season from middle linebacker Jonathan Vilma. The only question here is whether the Jets will cut veteran Sam Cowart, who became unhappy when Vilma took his job, and if backup Jason Glenn leaves as a free agent. If either departs, the Jets will need to sign or draft new backups.

SECONDARY

The secondary, of course, was the main reason for that poor yards per pass number mentioned above. Neither Donnie Abraham nor David Barrett could be described as a “shutdown cornerback.” Father Time is chasing Abraham, and Barrett is really a converted nickelback. Many draft experts forecast five or six cornerbacks as first-round picks, and most mock drafts have the Jets taking one of them.

As for the safeties, Erik Coleman had a strong rookie year, but his partner, veteran Reggie Tongue, is in decline. Many people expected the Jets to replace him, but he has restructured his contract to provide some cap relief, and may remain in the starting lineup for one more year. It would not be surprising to see the Jets draft a safety after they grab a cornerback.

OUTLOOK

The Jets surprised many last year with a 10-6 record and a playoff win. But after a week and a half of free-agent movement, their roster is simply not as strong as it was at season’s end. A starter on each side of the line has departed with no replacement, and the team’s biggest additions are either backups or replacements for similar players. A strong draft may help fill the remaining holes, but right now the Jets look like a team set to take a step backward in 2005.

Mr. Schatz is the editor in chief of FootballOutsiders.com.