In fact, it's a distinct possibility if he doesn't take a steep pay cut, according to the New York Daily News.
Jacobs is due to make $4.9 million this year, including a $500,000 roster bonus due on March 17, so cutting him outright would create considerable cap space .
Jacobs already took a pay cut of $1.75 million last August in order to remain with the Giants for the 2011 season. But two weeks ago he told the Daily News he’d be willing to take another cut “as long as it’s fair.” One NFL source said Jacobs would likely be willing to take a much bigger cut this time — perhaps even more than half his current 2012 salary of $4.4 million — if the Giants would add guaranteed money and another year or two to his deal.
If the sides cannot come to terms on a restructured deal and Jacobs were to leave East Rutherford, he would also leave a void in the Giants backfield.
While he didn't undergo surgery, fellow running back Ahmad Bradshaw recently had a medical "procedure" on his ailing foot to help the healing process of the stress fracture he suffered this season, according to the New Jersey Star-Ledger.
While the procedure won't hold him back next season, just imagine Bradshaw without Jacobs.
It seems almost definite that the Giants will be targeting a running back in this year's draft, especially if Jacobs doesn't take the hometown pay-cut.
If so, it will be interesting what type of runner they look for. Will they try to find a big-bodied, powerful runner that resembles Jacobs? Baylor's Terrance Ganaway or Utah State's Robert Turbin fit the Jacobs mold and will likely be available in the middle rounds on draft weekend.
On the other hand, maybe they'll look for a guy with a similar skill set to that of Bradshaw. That is, a player who can learn the nuances of being a smaller, between-the-tackles runner in the NFL from No. 44. Oregon's LaMichael James or Cincinnati's Isaiah Pead are possibilities.
UPDATE: Mike Garafolo of the NJ-Star Ledger is reporting that the Giants will release Brandon Jacobs today.