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Reports: Giants Restructure Eli Manning’s Contract, Gain $6.75M In Cap Space

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(credit: Jamie Squire/Getty Images)

(credit: Jamie Squire/Getty Images)

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NEW YORK (WFAN) – Eli Manning led the Giants to a Super Bowl title in 2011. It appears he’s doing his part off the field to help ensure a repeat run.

Manning has agreed to a complicated restructuring of his contract which will create $6.75 million in cap space for the Giants, according to multiple reports.

$9 million of the quarterback’s $10.75 million salary for 2012 will be guaranteed, the New York Daily News reported.

Manning’s number against the cap dropped from $16.35 million to $9.6 million, according to the Newark Star-Ledger. His base salary will reportedly be $1.75 million this season with the remainder spread out over the final three years of his deal.

It could be the first of many money moves for the Giants, who were reportedly $9 million over the estimated salary cap for 2012.

Running back Brandon Jacobs, due $4.4 million in base salary next season, has expressed a willingness to restructure his contract — for the second straight year — to stay in New York. If the sides don’t agree, New York could decide to release Jacobs before his $500,000 roster bonus kicks in next week.

Wide receiver Victor Cruz has said he deserves a pay raise. Defensive end Osi Umenyiora is looking for a contract extension. Then there’s wideout Mario Manningham, just one of nearly two dozen unrestricted free agents for the Super Bowl champs.

What’s next for the Giants? Sound off below…

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