Giants Inform WR Victor Cruz He’ll Be Released Unless He Takes A Pay Cut

Update:

ESPN’s Ed Werder reports that the Giants have informed WR Victor Cruz that they will release him unless he agrees to a pay cut.

• Werder adds that negotiations between the two parties are currently under way.

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Dan Graziano of ESPN.com reports that the Giants had discussions last week with the representatives for WR Victor Cruz about a restructured contract.

• According to Graziano, the two sides are likely to reach an agreement in the coming days that will reduce both his 2016 salary and cap number.

Cruz previously mentioned that he believes his chances of being back in New York next year were “80 percent.”

However, it sounds like the odds are even better than he was initially letting on.

Cruz has ended up on season-ending injured reserve the past two season, so there’s some question about his productivity moving forward.

Jordan Raanan of NJ.com polled five league sources last month regarding the type of contract Cruz could receive after reworking his deal. The average deal suggested by Raanan’s sources wound up being a one-year, $4 million contract with some incentives included.

Cruz, 29, is in the fourth year of his six-year, $45.879 million contract that included $15.625 million guaranteed and a $9.5 million signing bonus. He’ll make base salaries of $7.9 million (2016), $7.4 million (2017), and $8.4 million (2018) over the remainder of the agreement.

According to OverTheCap.com, releasing Cruz would free up $6.1 million in available cap space while creating $3.8 million in dead money.

In 2014, Cruz caught 23 passes for 337 yards receiving and a touchdown for the Giants over the course of six games.