Eli Manning Restructures Contract, Helps Free Up Giants’ Cap Space
While Peyton Manning has dominated the sports news cycle for more than 24 hours now, his brother Eli has made news as well — the New York Giants’ quarterback has agreed to restructure his contract and free up a little space under the salary cap for the defending Super Bowl champs, according to the Star-Ledger.
Manning, who was guaranteed $9 million of his $10.75 million base salary for 2012, has agreed to take a base salary of just $1.75 million and spread the rest over the remaining four years of his contract. The Giants were around $9 million over the cap and needed to get down by the start of the league year Tuesday.
Manning’s 2012 cap number has shrunk from a total of $16.35 million down to $9.6 million, saving the Giants a healthy chunk of change.