According to Rapoport, both the Giants and Manning’s camp are confident that a deal will get done at some point this year.
Rapoport anticipates Manning receiving just a small raise, but also notes that an extension would offer the Giants some cap relief.
Manning’s agent, Tom Condon, previously expressed optimism that New York will eventually address his client’s contract and prevent him from reaching the open market.
“The interesting part about it is, since 1993, the inception of free agency, has there ever been an elite quarterback hit the open market?” Condon asked, via the New York Daily News. “Peyton (Manning did in 2012), but he had four neck surgeries and no idea if he would ever be well enough to play. Drew Brees, when he went to New Orleans (in 2006), he had 15 studs in his shoulder, in his throwing arm (from a hit he took in the final game of 2005).
“There’s nobody else that’s ever come up. They just re-do you.”
Condon’s right that it’s rare for a team to let their starting walk and test the open market, so the odds are clearly in favor of Manning getting a new contract at some point.
“The quarterbacks always get done,” Condon said. “And the Giants are not a skittish team. So it’s not one of those things where they get nervous or they jump around or anything like that. You know you’re going to go in and it’s going to get done. I’m sure at the appropriate time it’ll happen.”
If Manning is able to put together a solid 2015 season, the Giants could be in a position where they may have to consider franchising their quarterback, which would run them close to $20 million.
Manning, 34, has one year remaining on his seven-year, $106.9 million contract that included $35 million guaranteed. His base salary for the 2015 season sits at $17 million to go along with a staggering cap figure of $19.75 million.
In 2014, Manning threw for 4,410 yards while completing 63.1 percent of his passes to go along with 30 touchdowns and 14 interceptions. Pro Football Focus has him rated as the No. 18 quarterback out of 39 qualifying players.