Apparently the Jets want Cutler badly, but don't want to take him at #4. Since the teams after them don't need a QB until the Lions at #9, dropping down to #8 seems like a good idea. However by doing this, they tip their hand to teams like the Lions, Cards, and Dols, who might be looking to move UP to take Cutler. So do the Jets HAVE to take Cutler at #4? Not necessarily.
If I were Marv, I'd propose THIS to the Jets. Tell them that when #4 rolls around, they should take DE Mario Williams, which would be a good pick for them anyway. Since Cutler is still on the board, and there are only a few blue-chip players left in the draft, the next 3 teams would be unlikely to trade down past #8, thus leaving Cutler there for the Bills to take, and trade to the Jets for Williams and some pre-specified compensation (make the Jets take less than the draft chart says because they're hot to get Cutler but don't want to take him high. Say Buffalo's 2-3rd rounders, figuring the Bills will get a untradeable comp pick at the end of the 3rd round for losing Williams and/or Jennings). If by some chance Cutler is gone, the deal is off, the Jets get a great player in Williams, and the Bills do something else (as has been stated, Ferguson could very well be there).