Why the NY Giants Should Not Ask Victor Cruz to Restructure His Contract in 2015

Among the many decisions that the New York Giants are going to need to make before the start of free agency is what existing contracts need to be altered or terminated.

One such contract that might need to be altered from the Giants’ perspective is that of receiver Victor Cruz, who is currently rehabbing from a torn patellar tendon in his knee.

Per Over the Cap, Cruz has an $8.125 million total cap hit for 2015, the second-highest number on the team behind quarterback Eli Manning’s $19.75 million figure.

Would the Giants actually go to Cruz, who prior to the arrival of Odell Beckham Jr. was one of the most identifiable members of the team, and ask him to restructure his deal?

Let’s look at both sides of the argument.

A Case For 

When a contract is restructured, a team usually takes however many millions it shaves from the base salary and either converts it to bonus money, which is spread over the remaining life of the contract, or into incentives.  

Therein lies one appeal of reworking Cruz’s 2015 cap figure, which includes a $6.15-million base salary, especially if the Giants front office remains concerned about the receiver’s rehab progress. 

If he is not 100 percent and/or has to spend any part of the upcoming preseason or regular season on the PUP list, the Giants, by lowering his base salary, can otherwise use that money elsewhere.

At the end of December in his briefing with reporters and as recently as last month in a radio interview with WFAN’s Mike Francesa, general manager Jerry Reese was frank in his discussions about Cruz’s injury and rehab, expressing concern about whether Cruz could be the same player he was when he first signed his five-year, $43 million deal.

“As far as our doctors are telling me, and our trainers—Ronnie Barnes and all of our training staff—[Cruz] is on pace to be back,” Reese told Francesa (h/t CBS New York).

“But you never know with these kinds of injuries. It’s a big injury, and we’re really hoping that he can come back and be a dynamic player for us.”

In a B/R Uninterrupted video filmed shortly after the Super Bowl, Cruz provided an update on his status, saying that he would soon begin jogging.

However, there is quite a difference between doing light running and cutting in and out of routes, as a NFL receiver must do, so it could still be months before Cruz reaches that milestone.

While there is optimism on both sides, it needs to be remembered that this time last year, the Giants had similar optimism about the return of former running back David Wilson from a neck ailment.

Wilson was cleared for training camp, but his comeback from spinal surgery was short-lived after taking a hit during a training camp practice that created enough of a concern for his well-being to shut him down for good.  

While Cruz’s injury is not believed to be career-threatening, the doubt over whether he can be the same player he was before is still there.

Elsa/Getty Images

A Case Against

The days of loyalty in the NFL are long gone, replaced by the cold-hearted business decisions made daily by general managers.

While most players understand that the league has evolved into a business, it still has to be a tough pill to swallow when management approaches a player asking to take a pay cut or restructure a contract to help out.

It’s an especially hard pill to swallow when the reason for the team’s request is related to an injury, which is hardly the player's fault. 

Alex Trautwig/Getty Images

Some players do not hesitate to reject any proposed modification to their contracts. This is often because the player is secure in knowing that there is no one on the roster—or available, for that matter—that can fill the position at their level.

Others have the backing of guaranteed money behind them, be it 100 percent of their base salary or a portion of it.

In Cruz’s case, his 2015 base salary is not guaranteed, either in whole or in part. He has also come to the forefront as a face of the franchise thanks to his rags-to-riches like story that captured the hearts and imaginations of Giants fans everywhere.

Based on a $140 million cap figure, the Giants are estimated right now to have $16.451 million of space—a total that includes Cruz’s current cap figure.

The Giants could earmark Cruz for a restructuring, but only as a last resort, if at all, given that his money is already factored into the equation.

The Verdict

Although it is too soon to gauge if Cruz will be ready for training camp—he could be limited or he could begin the summer on the PUP list—that shouldn’t be a factor in determining whether to adjust his base salary for 2015.

Alex Goodlett/Getty Images

The Giants, according to franchise tag estimates by CBS’ Jason La Canfora, may have to spend an estimated $14.68 million of their cap space on the franchise tag for defensive end Jason Pierre-Paul. That would leave them with $1.771 million of space to start with.

(Note: The Giants announced on Wednesday that they waived running back David Wilson, a move that clears $1,301,523 of cap space. That increased the Giants’ estimated cap space to $17,753,355.)

They are going to need a lot more space though, as according to Over the Cap’s draft class projections, the Giants will need an estimated $6.267 million just to sign their rookie class (draft picks and undrafted free agents). 

Despite these financial needs, the Giants do not need to adjust Cruz’s contract, nor should they at this point.

They can easily gain additional cap space by terminating other contracts, such as those currently held by defensive end Mathias Kiwanuka and offensive lineman J.D. Walton. 

They may even try to gain more space by working out extensions with Manning and cornerback Prince Amukamara, whose combined cap figures count for 19 percent of the projected $140 million cap this year.

It would also not be surprising if they look to adjust linebacker Jon Beason's $6.691 million cap figure, which includes a $3.6 million base salary.

Given that both Reese and co-owner John Mara indicated in their respective year-end press briefings with reporters that the plan isn’t to spend as heavily as last offseason, the Giants likely don’t appear to need an exorbitant amount to where they will need to scrape together every last penny they can get.

All salary cap and contract information is via Over the Cap unless otherwise noted.

Patricia Traina covers the Giants for Inside Football, the Journal Inquirer and Sports Xchange. All quotes and information obtained firsthand unless otherwise sourced. Follow me on Twitter @Patricia_Traina.