Chris Snee agrees to huge pay cut

Giants guard Chris Snee speaks with the media

Giants guard Chris Snee speaks with the media before a day of training camp at Quest Diagnostics Training Center. (Credit: James Escher)

Chris Snee had said he would be a team player and take a pay cut in 2014. It turned out to be a whopper of a slash.

The veteran guard scrapped the final year of his contract with the Giants, which would have paid him $7.2 million in base salary, and signed a new contract that will pay him $1 million in salary with $1.1 million in incentives, according to a source.

That's at least a $5.1-million giveback for Snee. He'll still cost $5.5 million against the salary cap, but that's about half the $11.3 million he would have counted had he not agreed to the pay cut.

In other words, the Giants cleared more cap room by giving Snee a pay cut than they did by releasing David Baas (which saves them only $1.775 million). And they get to keep Snee, who, if healthy, still could be one of their best linemen.

The Giants apparently are not through with their reductions. Punter Steve Weatherford reportedly agreed to reduce his base salary of $2.025 million in 2014, although those terms were not immediately available.

The net result of all this maneuvering puts the Giants roughly $26 million below the salary cap for 2014. Free agency is set to begin Tuesday afternoon.

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