Eli restructures his contract
Quarterback Eli Manning of the New York Giants drops back to pass during the first half. (Feb. 5, 2012) Credit: Getty Images
Peyton Manning may be currently unemployed, but his little brother is doing OK for himself. And perhaps more importantly, he's doing OK by the Giants, too.
Eli Manning restructured his contract with the Giants, providing some salary-cap relief by accepting a hefty chunk of his 2012 salary -- $9 million worth -- as guaranteed money. Manning's base salary was scheduled to be $10.75 million in 2012, but according to NFLPA records, it has been reduced to $1.75 million. That allows the Giants to spread the cap consequences of the $9 million -- which is paid to Manning now -- over the remaining four years of his contract.
If you add on the bonus money Manning got when he signed, which already has been spread throughout the life of the contract, his actual cap number for this season is $9.6 million. Without the relief of the $6.75 million, it would have been $16.35 million.
The Giants still might have some work to do to get under the salary cap by Tuesday's deadline (even though the actual salary cap won't be known until sometime Friday, according to reports). They are negotiating with running back Brandon Jacobs on a reduction in his $4.9-million salary in 2012, and if they cannot reach an agreement, they might end up cutting him.
Ballard, Johnson sign
Jake Ballard and Bruce Johnson, two exclusive-rights free agents, have signed one-year contracts with the Giants for $540,000, according to NFLPA records.
Johnson, a cornerback, suffered a torn Achilles in the preseason. Ballard was a play-making tight end for most of the season before he tore his ACL in the Super Bowl. The Giants expect Ballard to start the 2012 season on the PUP list.
Extra points
Although he was the only offensive lineman to start every game at the same position last year, the Giants will not make an effort to resign free-agent tackle Kareem McKenzie. The 33-year-old veteran has started every game at right tackle in each of the last two seasons and has won two Super Bowls with the Giants. The Giants will have several options to replace him, including moving David Diehl to the position, relying on second-year prospect James Brewer or drafting a young lineman for the job. McKenzie told Newsday during the season that he wants to play two more years . . . RB Ahmad Bradshaw had a non-surgical procedure to help in the healing of the stress fracture in his right foot. He played the second half of the season with the injury . . . WR Domenik Hixon's contract is a one-year deal for $615,000 and no signing bonus, which means that coming off a second ACL tear in two years, if he doesn't make the team, the Giants won't owe him anything . . . Lunda Wells, an LSU assistant coach, reportedly has been hired as the Giants' offensive quality control coach. He replaces Kevin M. Gilbride, who was promoted to receivers coach last week.
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