According to cops, Goodson -- who was signed by the Jets during the off-season to compete for the starting RB job -- was a passenger in an SUV that was parked along Route 80 in Denville, NJ.
Cops say both Goodson and the driver of the vehicle appeared WASTED when they approached the vehicle.
During the encounter, cops say Goodson was found to be in possession of weed (less than 50 grams) -- PLUS a loaded .45 caliber and hollow-point bullets.
FYI -- a hollow-point bullet is used to create maximum damage to its intended target ... and in NJ hollow-points are not allowed to be carried around in public, with few exceptions.
Cops say both Goodson and the driver were so intoxicated that they were both transported to a local hospital for treatment.
The driver of the SUV was arrested on suspicion of DUI.
According to local reports, both Goodson and the driver were released from the hospital and into the custody of the NJ State Police. They're both still in custody.
If you're unfamiliar with Michael Goodson -- it's probably because he only has 3 career TDs.