Eli Manning Restructures Contract To Create Cap Space

The New York Giants had some work to do with their salary cap situation, and general manager Jerry Reese has freed up nearly $7 million of cap space by restructuring Eli Manning's contract. According to NFL Players Association records, Manning's base salary is now $1.75 million, down from $10.75 million. The Giants, who were at $9 million over the cap at one point last month, according to ESPN NFL insider Adam Schefter, created approximately $6.75 million in cap space with the Manning move, multiple media reports said. The franchise quarterback still will get all of the $10.75 million, with $9 million of it being paid up front and guaranteed, according to the Newark Star-Ledger. Reese had said at the NFL scouting combine last month that he had some work to do to free up cap space. Manning's 2012 cap number counts for $9.6 million now, down from $16.35 million, the New York Daily News reported. The Giants still have some other moves to make and could restructure more contracts, such as re-working Brandon Jacobs' deal. He is due a $500,000 roster bonus next week and an additional $4.4 million this season. The Giants will either restructure his contract or release the running back. The Giants have 20 unrestricted free agents, including Super Bowl hero Mario Manningham, who is expected to depart via free agency. Full Story

Eli and Jerry Reese are making big time moves for the future. Restructuring Manning's deal puts the Giants back under the cap and gives them the extra cash they needed to resign some key free agents this offseason. They franchised Steve Weatherford and apparently have resigned Jake Ballard, who will most likely start next season on the PUP list. There's also guys like Terrell Thomas, Aaron Ross, Chase Blackburn, Deon Grant, Dave Tollefson, Jonathan Goff and Rocky Bernard on defense who are all free agents. As I've already stated, I don't see Mario Manningham getting the money he wants so I think he'll walk, and tackle Kareem McKenzie probably won't get a new deal because of his age. It might be a good idea to draft a tackle and a linebacker since I don't know if we will be able to bring all these guys back. Speaking of not bringing guys back, literally as I am writing this I see that the Giants just cut Brandon Jacobs...