The New York Giants' Ultimate Free Agency to-Do List

Somewhere on the desk of New York Giants general manager Jerry Reese there is a to-do list.

On it, Reese has jotted the Giants' master plan for free agency. It's a guide to the open market, a map back to the playoffs.

If this imaginary to-do list were to be numbered in the order in which each element is to be executed, it would look something like this:

1. Fix Nasty-Looking Cap Hits

What makes free agency so exciting are the fresh opportunities teams afford players during the signing period. Superstars change cities, and disappointing draft picks earn a second chance. Overall, it's the time of the football year when change is celebrated most.

But cap space is limited, and for every new contract that is signed an old one comes to an end—sometimes prematurely.

The Giants have already begun the money-saving process that precedes spending on the open market. In a cold-hearted business move on Tuesday, the team released two-time Super Bowl champion Mathias Kiwanuka, per New York's official Twitter account.

The cut saved the Giants $4.825 million, according to Ebenezer Samuel of the New York Daily News.

That sum, plus money saved from Cullen Jenkins' pay cut last week, will give New York more money to spend in free agency. Other pay-cut candidates are linebacker Jon Beason (2015 cap hit of $6,691,666) and center J.D. Walton ($3.625 million).

2. Lock Up Jason Pierre-Paul

As painful as pay cuts and outright releases can be, the Giants will need every penny saved by those moves. A lot of those savings will go toward retaining Jason Pierre-Paul.

New York has no interest in losing Pierre-Paul. If the Giants fail to reach a a long-term agreement before March 2, the team will retain him for the 2015 season via the franchise tag, as Adam Schefter of ESPN reports.

NFL salary-cap expert Joel Corry estimates Pierre-Paul's franchise tag number to be $14.784 million, if the defensive end decides to play under the one-year tender. He'd be insane to do so, though, considering the pass-rusher's injury history.

Pierre-Paul had back surgery in 2013 and has weathered serious shoulder pain, too, since then. To leave a long-term offer worth $11-12 million per year—per an estimate by Steve Serby of the New York Post—on the table would be sheer lunacy. If he misses significant time due to injury this season, JPP won't be worth nearly as much on the 2016 open market.

	On Field	Off Field
Total QBR	55.9	70.5
3rd-Down %	35.4	45.5
Sack %	8.2	4.9

Not sold on Pierre-Paul's 12.5 sacks last season? Concerned with the D-end's health? Afraid he'll never be the force he was during the Giants' most recent Super Bowl run?

The troubled fan should know that, even at less than 100 percent, JPP is still New York's biggest difference-maker on defense. The Giants would be foolish to let him walk.

3. Re-Sign Other in-House Desirables

After the Giants take care of Jason Pierre-Paul, they can turn their attention to other guys about to hit free agency. A couple of the cheaper options—like wide receiver Kevin Ogletree, who was re-signed last week—can actually be retained before Pierre-Paul gets his deal.

Ron Antonelli/Getty Images

Options like Antrel Rolle, however, will have to wait. Head coach Tom Coughlin wants his starting safety and team captain back, according to Ebenezer Samuel of the New York Daily News. Rolle must agree to a contract at the right price, though; there may not be enough cash to hold on to him and Pierre-Paul.

Rolle isn't the only member of the secondary potentially on the move. Fellow safeties Stevie Brown and Quintin Demps are also headed toward free agency. At cornerback, the Giants could also see Walter Thurmond III and Zack Bowman reach the open market. A case could be made to retain each of them.

Tight end Larry Donnell is a virtual certainty to get a new deal, since he's an exclusive-rights free agent. Another player who has a good shot to return is fullback Henry Hynoski, who has been in New York since making the team as an undrafted free agent in 2011.

A few guys whose run with the Giants may have finally come to an end are offensive lineman James Brewer and linebackers Spencer Paysinger and Jacquian Williams.

We'll touch on Jerrel Jernigan's future a little later.

4. Target a Plug-and-Play O-Lineman

Just one offensive lineman could make all the difference for New York, so long as the line's returning members stay healthy in 2015. Last year, Geoff Schwartz's toe and ankle injuries, as well as Chris Snee's late retirement announcement, threw a wrench in the Giants' plans.

This year, the team must be more prepared. If Schwartz is good to go at left guard, Weston Richburg is ready to step in at center and the tackle positions are held down by Justin Pugh and Will Beatty, that leaves only one open spot: right guard.

The Giants should sign someone who can step in and start in this role right away. The top option to do so should be Orlando Franklin, who Mike Klis of The Denver Post expects to hit free agency. Franklin won't come cheap, but that's because he has the versatility to play multiple positions. In four seasons with the Denver Broncos, he has started at both guard and tackle.

Another popular option is Mike Iupati, who has only played left guard during his four-year career with the San Francisco 49ers. Iupati is one of the league's finest run-blockers, and the Giants would willingly work around his expertise. It'd be worth it to get the much-needed boost on the ground.

If New York chooses, instead, to go with a cheaper, short-term option, the team could target a player like Dan Connolly from the New England Patriots or Rob Sims from the Detroit Lions. Both players have a lot of starting experience, but it's impossible to ignore their flashing low-fuel lights.

5. Find an Insurance Policy for Victor Cruz

Art Stapleton of The Record didn't mince words when talking about Victor Cruz and his attempted return from a torn patellar tendon.

The Giants would, of course, love to have Cruz back and 100 percent healthy for the 2015 season. But is it realistic to expect it?

Probably not, even though the superstar of the slot is putting in the rigorous work.

New York must be ready, just in case Cruz can't go or isn't the same player he was before his injury. Free agency would be a good time to find an insurance policy, especially since the pool of talent is expected to be so deep.

The player who fits Cruz's mold best is Cecil Shorts III. Over the last four seasons with the Jacksonville Jaguars, Shorts has battled his own injury issues. However, during that span, he has also proven himself to be a productive pass-catcher despite a subpar offense.

	Cruz	Shorts
Age	28	27
Height	6'	6'
Weight	204 lbs.	200 lbs.
Games	55	50

A healthy Shorts in an Eli Manning-led offense could be a revelation of the receiver's true value.

The Giants could also retain Jerrel Jernigan, who was solid in Cruz's stead at the end of the 2013 season but poor on the outside in place of Odell Beckham Jr. early in the 2014 season. Jernigan played only two games before landing on injured reserve last year.

Does he deserve another chance?

6. Get Steve Spagnuolo a Defensive Weapon

Ben McAdoo got hooked up in the draft last year with the selection of Odell Beckham Jr. 12th overall, but he also received a pretty valuable free agent in Rashad Jennings. Although Jennings struggled to stay healthy in 2014, McAdoo had to be happy with what production he was able to milk from the starting running back.

James Kenney/Associated Press

Now that the Giants are starting over on defense, with Steve Spagnuolo taking over for Perry Fewell, the new coordinator also deserves both a draft pick and a major free agent to build around. You can make the case that Jason Pierre-Paul is this player, but he is really the equivalent of McAdoo's Eli Manning.

An interesting—and probably affordable—option would be Derrick Morgan. Over the last five seasons with the Tennessee Titans, Morgan hasn't exactly lived up to his first-round draft status, but he has quietly booked 23 sacks. Last season, as an outside linebacker in a 3-4 base defense, Morgan saw his tackle total burgeon to a career high.

Although Morgan's most productive season came out of a two-point stance, he has experience playing all over the defensive line. In Tennessee, Morgan never had a chance to find a permanent home. That could change in New York.

Spagnuolo would love to snag this 26-year-old and mold him into something special.

7. Layer The Roster With Depth Signings

All of these previously mentioned points are certainly important, but sometimes the free-agency signings that end up being the most valuable are the ones that make the least sense. While high-profile acquisitions garner all the headlines, the real key to success is to create quality depth. Injuries are unavoidable; it's football. All the Giants can do to prepare for when they hit is to load up on reasonably priced, under-the-radar talent on the open market.

Now let the bidding wars begin.

*All contract and salary-cap information courtesy of Spotrac.com.

Kevin Boilard writes about the New York Giants at Bleacher Report.