The Jets have confirmed the Kalen Ballage trade reported earlier today and also that they have released recently-signed running back Pete Guerriero and activated rookie cornerback Bryce Hall from Covid-19 reserve.
The Ballage move presumably won't be official until he's passed a physical and cleared Covid-19 protocol, otherwise the Jets would be over the 80-man roster limit. It's been confirmed that the trade is for a conditional 2021 seventh round pick.
Hall is still dealing with an ankle injury so will be potentially eligible to go on the Active/PUP list if he's not ready to practice. However, he would still count against the 80-man roster in that instance so they will need to make another move once the Ballage trade is official. This would, however, keep the potential for him to remain on the PUP list after final cuts and not count towards the 53-man roster alive.
Guerriero only practiced twice with the Jets but is the kind of player they'll keep on the watch list in case they need a running back for the roster or practice squad later in the year.