9:20am: The Giants have informed Cruz that they will release him unless he agrees to a pay cut, tweets Ed Werder of ESPN.com. That news comes as no real surprise, and it still appears as if the two sides have a good chance to work something out.
8:29am: The Giants and wide receiver Victor Cruz had discussions about restructuring the wide receiver’s contract last week, a source tells Dan Graziano of ESPN.com. In the coming days, Graziano adds, the two sides will “likely come to an agreement” on a new deal that lessens Cruz’s cap hit for the 2016 season.
Cruz was working his way back from a torn patellar tendon that forced him to miss most of 2014 season when, during his recovery, he injured his calf. In November 2015, he was placed on IR before his season could even get started. Cruz is currently set to count $9.9MM against the Giants’ cap in 2016 and none of his remaining $24MM over the next three years is guaranteed, so he’s unlikely to continue on his current contract. However, it seems like the two sides are on the verge of hammering out a reworked deal that includes a pay cut.
Just two short years ago, Cruz was the darling of New York and the focal point of their passing attack. Now, Odell Beckham Jr. is the team’s ace wide receiver of the future. Cruz, meanwhile, has not seen the field since October 12th, 2014.
The Giants are slated to have nearly $60MM in cap room when free agency officially opens later this week. Pushing down Cruz’s compensation for the coming year will give Big Blue even more available cash as they look to turn things around in 2016.
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