Considering Nnamdi's statements about the Eagles being his top choice all along, it looks like the Jets got played by his agent, who coincidentally

also represents Cromartie. Use the Jets to drive up Nnamdi's price, then know they will come running back to Cromartie afterwards, driving up his price as well.
Burress for $3 million isn't a huge risk, hopefully he can still play a little.
As for letting Brad Smith go, the kick-off rule change, which got forgotten about due to the labor strife, makes that part of the game less important. While he is an excellent Wildcat QB, I think he proved over the last 3 years he is not a very good WR. Great guy who performed admirably in big spots, but unquestionably expendable.