Cruz took to Instagram to announce the deal as well:
Stapleton, per a source, noted Cruz's new 2016 contract has a base salary of $1.3 million, with playing time incentives to boost the contract's worth to $5.5 million and performance incentives to cover the rest of the remaining salary from his old deal.
On March 22, Jordan Raanan of NJ Advance Media reported Cruz's 2017 and 2018 base salary shrank from $8.4 to $7.4 million, with the extra $1 million coming in the form of a roster bonus.
Cruz, 29, hasn't appeared in an NFL game since Week 6 against the Philadelphia Eagles in 2014 after tearing the patellar tendon in his right knee, while a left calf injury that required surgery kept him out of the 2015 season.
Cruz emerged as one of the elite receivers in football in the 2011-12 seasons, catching 168 passes for 2,628 yards and 19 touchdowns in those campaigns. But since then, he's caught just 96 passes for 1,335 yards and five touchdowns in 20 games.
The decision to restructure Cruz's deal doesn't come as a huge surprise. Cruz still had three years and $24 million remaining on his contract with the team and a 2016 salary-cap hit of $9.9 million, per Dan Graziano of ESPN.com. The team would have saved $6.1 million by releasing him, but it ultimately decided he could still make an impact in the passing game.
While Cruz won't be expected to duplicate the numbers he posted earlier in his career, he should still be a nice weapon for Eli Manning to utilize out of the slot and will give the Giants a solid assortment of targets.
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