Among those released were Law, backup quarterback Jay Fiedler, offensive tackle, Jason Fabini and running back Jerald Sowell.
The Jets were $20 million over the salary cap.
After just one season with the Jets, Law, 32, who played nine of his 10 NFL seasons with the New England Patriots, had a career-high 10 interceptions and 62 tackles.
"We were very fortunate to have a player of Ty's caliber in 2005," said Jets General Manager Mike Tannenbaum. "Ty is a warrior and a class act and we appreciate his contributions this past season."
For his career, the 32-year-old Law, who was a first-round draft pick by the Patriots out of Michigan in 1995, has 46 interceptions, returning seven of them for touchdowns.
Former Titans kicker dies in car crash
UPI Sports Results for September 20, 2014