For the reduction in pay, Cockrell reportedly receives an additional $100,000 in bonuses. Kratch adds that the restructured contract resulted in $697,000 of cap space for the Giants.
Cockrell was just traded to the Giants in return for a conditional 2018 seventh-round pick.
Kratch writes that the Giants believe Cockrell will give them flexibility as their fourth corner that’s capable of playing both outside and in the slot.
Cockrell, 26, is a former fourth-round pick of the Bills back in 2014. He lasted just over a year in Buffalo before he was waived at the start of the 2015 season. The Steelers signed him to a contract just a week later and elected to bring him back on a one-year deal last year.
Pittsburgh re-signed Cockrell to a one-year, $1.797 million restricted contract this past April.
In 2016, Cockrell appeared in 16 games for the Steelers and recorded 62 tackles, no interceptions, a fumble recovery and 14 pass defenses. Pro Football Focus has him rated as the No. 29 cornerback out of 112 qualifying players.