NFL Network's Tom Pelissero reported Thursday afternoon that the two sides have worked through compensation for a trade, and the Jets have determined what they would do with Rodgers' contract.
Essentially, everything with the transaction has been agreed to. The only remaining step is Rodgers approving the deal.
This is a significant development in this situation, as it means the Jets can essentially make the trade official as soon as Rodgers (hopefully) gives the okay. Until then, however, both sides remain in a holding pattern.