As of now, Manning has two years remaining on his seven-year, $106.9 million contract that included $35 million guaranteed. The Giants currently have $4.57 million in available cap space, so there is some incentive to working out a contract extension now, especially considering that his 2014 cap figure sits at $20.4 million.
The problem is that Manning, 33, is coming off of a very disappointing season in which he led the league interceptions, and saw his offensive coordinator, Kevin Gilbride, retire.
Graziano mentions that New York could “gain a great deal of financial flexibility” by working on an extension now, but they would also run the risk of paying a quarterback who continues to decline.
Last year, Manning completed 57.5 percent of his passes for 3,818 yards, 18 touchdowns an 27 interceptions. Pro Football Focus rated him as the No. 32 quarterback in the league beyond the likes of Brandon Weeden, Matt Flynn and Matt McGloin.