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Valentine Holmes will likely end up on the New York Jets' practice squad but there is a chance another NFL team could swoop in and sign him.
Valentine Holmes has played his fourth pre-season game for the New York Jets.
What happens now?
NFL teams have until Saturday (Sunday 6am AEST) to slash their rosters from around 90 players to 53 for the September 5 start of the regular season.
Holmes, despite an impressive game-high five receptions for 55 yards against the Philadelphia Eagles on Thursday, appears to have next to no chance of making the Jets' 53-man roster.
The Jets are stacked with experienced running back talent led by Le'Veon Bell, who signed a four-year $US52 million ($A77 million) contract to join the team.
The former Cronulla Sharks NRL star, however, has a safety net that most NFL players desperately playing for contracts in pre-season games on Thursday do not have.
Holmes is taking part in the NFL's International Pathway program designed to give non-US elite athletes a chance to imbed with NFL teams and learn the game without the pressure of having to make the 53-man roster or play games.
NFL teams have 10-man practice squads for players who do not make the 53.
The Jets and three other teams involved in the Pathway program - New England Patriots, Miami Dolphins and Buffalo Bills - get a bonus 11th practice squad slot.
Holmes most likely will be the Jets' 11th practice squad player.
There could be a shock move.
If any other NFL team has its eye on Holmes they have a chance to swoop in and sign him before the Jets add the Australian as their 11th practice squad player.
If Holmes does not make the Jets' 53 he will be placed on the NFL's waiver wire over the weekend.
That is when he could be claimed by another club.
If teams pass him up the Jets are the only club that can sign him with 11th practice squad roster exemption.
If Holmes ends up as the Pathway exemption on the Jets' practice squad it has its advantages and disadvantages.
While regular NFL practice squad players can be activated during the regular season and play games, Holmes and other Pathway players who fill that bonus 11th practice squad slot cannot be activated.
They only train with their teams.
Rival NFL teams are also barred from signing Holmes if he is the Jets' Pathway exemption.
The practice squad does allow Holmes the luxury of training with the Jets for the full season, building relationships with coaches and players and learning the complexities of the game without the fear of being axed to free up a roster position.
Holmes will be taking a significant pay cut.
NFL practice squad players make $US136,000 ($A202,653) for the 17-week NFL season, a long way from the $5 million Cronulla Sharks contract Holmes walked away from.
