It's easy to say just pay him from a fan's standpoint; however, a contract was signed in good faith and I assume while not under the influence of any narcotic or alcohol. Doesn't Revis have the obligation to show his good faith and play out the contract he willingly signed? Then, the negotiations with the Jets can begin and he, indeed, should be paid well and if the Jets don't someone will.
The franchise on the other hand is obligated to pay the player per the contract signed as well. Jamarcus Russell is owed his money, the Raiders signed the contract in good faith and felt he was worth 36 million guaranteed; it didn't work out, but they should pay him.
This is why the Steelers do not negotiate during the season and try to get deals accomplished one year prior to expiration for the players they deem integral to the team's success. In this manner they get a player signed long term at a fair market price (rarely the highest paid) and the player gets financial reward and personal stability of knowing where he'll be playing for 5 or 6 years.
Revis should play and play as good as he can and then go on the open market if he doesn't like the way the Jets are treating him, well, then he doesn't have to negotiate with them at all, after his contract expires. Until then, he should be in camp and competing, IMO.