The Giants confirmed the deal on the team website.
“I feel relief,” Cruz said shortly after signing his contract at the Timex Performance Center. “I feel I can just kick back and play football again.”
“We are pleased to have this behind us,” general manager Jerry Reese said. “Now Victor can focus on football. Training camp is approaching quickly, and we all have a lot of work to do to get back where we want to be.”
Cruz's new deal was first reported by Jay Glazer of Fox Sports:
Giants and Victor Cruz have agreed to terms on new 5-yr extension for $43 million on top of his 1 yr tender. Expected to sign it by tomorrow— Jay Glazer (@JayGlazer) July 8, 2013
Mike Garafolo of Fox Sports shared some additional details about the contract:
$15.6 million guaranteed for Cruz, per Glaze— Mike Garafolo (@MikeGarafolo) July 8, 2013
So all in all, that's six years, $45.879 million for Cruz through the 2018 season— Mike Garafolo (@MikeGarafolo) July 8, 2013
Ralph Vacchiano of the New York Daily News reported on how the wideout's deal would impact the Giants' salary cap, as well as providing us more details on the monetary breakdown.
Victor Cruz's six-year, $45.879 million contract actually lowers his salary cap # this year from $2.879M to $2.53M. #NYG— Ralph Vacchiano (@RVacchianoNYDN) July 10, 2013
With the extra cap room the Giants are now $3,657,682 under the salary cap (with two draft picks still unsigned). #NYG— Ralph Vacchiano (@RVacchianoNYDN) July 10, 2013
Victor Cruz's salaries: $630,000 in 2013 ... $3.999M in '14 ... $6.15M in '15 ... $7.9M in '16 ... $7.4M in '17 ... $8.4M in '18.— Ralph Vacchiano (@RVacchianoNYDN) July 10, 2013
Victor Cruz got a $9.5M signing bonus, a $1.4M roster bonus in 2014 and his 2013-14 salaries guaranteed, for a total guarantee of $15.629M.— Ralph Vacchiano (@RVacchianoNYDN) July 10, 2013
NBC's Mike Florio provided more financial details on Cruz's contract with the Giants:
When Giants receiver Victor Cruz signs his new contract, which will happen later today or on Tuesday, he’ll immediately earn just under $10 million...
... Nearly all of the guaranteed money, reported by Jay Glazer of FOX to be $15.6 million, will become fully guaranteed within roughly the next three weeks, per a source with knowledge of the terms of the deal.
The new money is $43 million over five years, for an average of $8.6 million annually. Factoring in the one-year, $2.879 million restricted free agency tender, Cruz will make $45.879 million over six years, with an average of $7.64 million over the six years.
The money is paid over the first two years via the signing bonus, a $630,000 base salary in 2013, a $1.5 million roster bonus due in 2014, and a $4 million base salary in 2014. All of those payments are guaranteed. The base salaries beyond Year Two are $6.15 million in 2015, $7.9 million in 2016, $7.4 million in 2017, and $8.4 million in 2018.
Though the salaries beyond 2014 aren’t guaranteed, a decision to cut or trade Cruz after two seasons would have a cap consequence in excess of $6 million. That number will reduce with each passing year.
In June, ESPN's Josina Anderson was the first to report that Cruz would sign a restricted-free-agent tender for one year worth just over $2.9 million. Now that he and the Giants have a long-term deal in place, both sides can head into training camp free of distraction.
The 26-year-old star led the Giants with 86 receptions for 1,092 yards and 10 touchdowns this past season, ranking 15th in the league in receiving yards just one year after posting the NFL's third-highest mark.
A former draft-day snub, Cruz broke out onto the scene in 2011 with New York, reeling in 82 balls for 1,536 yards and nine touchdowns. During the Giants' four-game run to the Super Bowl XLVI title, he caught 21 passes for 269 yards and a score.
After going undrafted out of Massachusetts in 2010, Cruz came on board with the Giants shortly after the draft and impressed during the 2010 preseason, making enough noise to earn a roster spot.
What do you make of this deal?
Since suffering a season-ending hamstring injury midseason in 2010, Cruz has played in all 32 regular-season games for the Giants since the start of 2011.
With two-time Super Bowl MVP quarterback Eli Manning throwing him the ball over the next few years, Giants fans should expect Cruz to maintain the high level of production they have grown accustomed to seeing over the past two seasons.
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