money guaranteed from the jets $35 million, AND the new contract he also gets the full value.

With offsets, if he is cut before his contract is up, the Jets only have to pay him the difference between what they guaranteed him and what the his new team pays him.

Ex he plays 3 years, gets cut but is still owed 10 million by the jets, with offset he signs with a new team for 10 million, the jets owe him $0.
Without offsets he gets $10 million from the jets AND $10 million from his new team/contract.