ESPN's Adam Schefter is reporting that the Bucs have been open to trading Revis since the combine, and have been talking about contract restructures; but with there being a soft deadline of Wednesday 4pm (the time at which the Jets would officially receive either the Bucs' 3rd or 4th round pick, depending whether or not Revis is on the Buccaneer roster), Revis is likely gone.
While it would have no doubt been interesting to see what Revis might have accomplished under Lovie Smith - after all, Charles Tillman and Tim Jennings, who aren't a patch on what a healthy Revis brings to the table, thrived under Lovie - releasing Revis not only downgrades the pick the Jets get from the team's 3rd to 4th round pick, but obviously releases $16 million in cap room, as none of Revis' contract is guaranteed. That's another factor in the soft deadline - Wednesday 4pm is also when $1.5 million of Revis' 2014 salary becomes guaranteed.
So with Revis' release now apparently inevitable, it puts the Bucs in an incredibly healthy position on the eve of free agency - though it now leaves a massive hole on the roster, as the team goes from having the best corner in the game at the top of its depth chart, to second-year player Johnthan Banks. You can now add 'starting corner' to the list of the Bucs needs, even if they now have a much larger amount of cap room to try and tick some of those needs off that list.