Vets purge saves $10M in cap space
The Giants purged their roster of two veteran offensive players Monday, moves that save them $10 million on the salary cap — money that should help them in their pursuit of defensive linemen Jason Pierre-Paul and Johnathan Hankins, both impending unrestricted free agents.
The release of receiver Victor Cruz saves the Giants $7.5 million on the cap, and parting ways with running back Rashad Jennings adds $2.5 million in cap space. Cruz is 30, Jennings turns 32 on March 26. Clearly, the Giants are looking to get younger. They have just two players on the entire roster in their 30s: Eli Manning (36) and Dominique Rodgers-Cromartie (30).
Cruz, who had his contract greatly reduced last year, hoped the Giants would be willing to rework his contract, and he was ready to accept a hefty cut in pay, but no such offer was made by the Giants. He was scheduled to make $7.5 million in salary and bonuses in 2017 and count $9.4 million on the salary cap, numbers Cruz knew were not commensurate with his production in 2016, when he had 39 catches for 586 yards and a touchdown.
Jennings was the Giants’ leading rusher the past two seasons. He was scheduled for a 2017 salary of $2.48 million and was set to count $3 million on the salary cap. Late in the season, Jennings lost his starting job to rookie Paul Perkins. Jennings had 181 rushing attempts for 593 yards, averaging just 3.3 yards per attempt, with three rushing touchdowns.
“It’s an honor to play here, playing for a team that has so much history, a team that falls under great leadership and high character,’’ Jennings said, via the team’s website. “In the mecca of everything, the relationships I’ve built are priceless. The people, the fans, teammates, ownership, I’ve been blessed to play with the Giants and see that side of the NFL. I have nothing but good things to say.”
By releasing these veterans when they did, the Giants allow Cruz and Jennings to get a jump on the free-agent market. They can sign with another team immediately. The official free-agent signing period begins March 9.
“I have more football left in me,’’ Jennings said. “I’m a vet, a leader, a motivator, can do anything. I finished the league in the top five in pass protection. I can catch out of the backfield, run the ball, play special teams and I want to win the championship. Yes, I have more football left.”
The Giants will look to upgrade on the 2016 production of Cruz and Jennings, but it will be difficult to replace the leadership the two provided. At running back, the Giants have Perkins, Shane Vereen (coming off an injury-filled season) and Orleans Darkwa. At receiver, there is no veteran presence now that Cruz is gone, with Odell Beckham Jr., Sterling Shepard, Roger Lewis and Tavarres King on the roster, as well as Dwayne Harris, primarily a special-teams player.