The play won't be negated, but the yardage totals might be adjusted. Walker might be credited with 32 yards instead of 33 yards.
Here is the play
Play-by-play says:
3-10-TEN 42
00) 12-C.Whitehurst pass short middle to 22-D.McCluster to TEN 48 for 6 yards. Lateral to 85-N.Washington to TEN 38 for -10 yards. Lateral to 12-C.Whitehurst to NYJ 42 for 20 yards. Lateral to 82-D.Walker to NYJ 9 for 33 yards (26-D.Landry).
What really happened:
Ball on Titans' 42 yard line.
McCluster catches it at 48, runs to 49, and laterals to Washington at the 48
(That's 1 reception and net 6 receiving yards for McCluster)
Washington runs to 43 and throws to Whitehurst at the 38
(That's -10 receiving yards for Washington)
Whitehurst runs to Jets' 45 and throws to Walker who catches it at the Jets' 43
(That's 19 receiving yards for Whitehurst, assuming Whitehurst gets the credit for the extra 2 yards)
Walker runs to Jets' 9-yard line
(That's 34 receiving yards for Walker)
So, I'd say that if anything changes, you might see Walker get 1 more yard receiving while Whitehurst loses 1 yard.