Thomas was placed on the injured reserve for the entire 2012 season after re-aggravating the same ACL that he tore just one year ago in the preseason, according to Ralph Vacchiano of the New York Daily News.
Thomas re-signed with the Giants in the offseason to a four-year deal worth $28 million, but the Giants structured the deal so that there is an opt-out after 2012, making their worth around $2 million.
Thomas avoided surgery in the preseason after re-injuring the knee back on July 29, but he did not play in a single game for the Giants and tried to rehab his knee in order to prepare for the 2012 season.
With the roster cuts this past Friday, there was a hopeful chance that Thomas might end up on the partial-IR, which allows players under the new CBA rules to come back during the season after Week 8, but with the current status of the knee injury, Thomas is done for 2012.
Vacchiano also speculated that Thomas may not be returning to the Giants after this season, and his career with New York could be over.
Thomas is due a $6 million bonus before the 2013 season, which would guarantee his 2013 salary and most of his 2014 salary as well.
Having guaranteed money for a corner who has torn his ACL twice and then re-aggravated it is a major risk, and something, according to Vacchiano, that is unlikely to happen.
Will Terrell Thomas play for the Giants again?
Thomas Davis of the Carolina Panthers has had three ACL surgeries in his career and is still on the team in 2012.
Of course, Thomas could do what Eli Manning and David Baas did in the offseason by restructuring his contract to make it more team-friendly so he doesn't get cut for salary-cap reasons.
According to Mike Garafolo of the Newark Star-Ledger, Giants head coach Tom Coughlin said that putting Thomas on the IR for the season was an extremely difficult decision but felt like he had to make it with the interest of the team and the player.
But, Coughlin still had to make the decision because he didn't see Thomas' knee making the kind of progress that would have gotten him back on the field.
Thomas hasn't played in a live regular-season game since the end of the 2010 season and first injured the ACL during the Giants' preseason game with the Bears one summer ago.
Before the injury, Thomas was seen, as perhaps, the Giants' best cover corner on the team, but with two knee injuries now, you have to wonder how much of his talent and skill have been diminished.
I'm sure Thomas will fight, like hell, back in his California home to rehab the knee and continue to train in preparation of salvaging his NFL career, hopefully with the Giants.
I, like many other Giant fans out there, really liked Thomas and was looking forward to seeing him on the field in 2012, but injuries can derail even the best players of the NFL.
And, Thomas' knee, for now, has derailed him in his comeback with the Giants.
Will he ever return to Big Blue, or is his career with the team, and maybe in the NFL too, over?
Stay tuned Giants fans.