March 8 (Bloomberg) -- New York Giants quarterback Eli Manning restructured his contract for this season to help the team try to get under the National Football League’s salary cap, the Star-Ledger of Newark, New Jersey, reported.
The Giants were $8 million over the payroll limit and need to get under the ceiling by the start of the new league year on March 13 by releasing players or restructuring a big contract, the newspaper said, citing NFL players’ union records. The Giants cleared $6.75 million in salary cap space for the 2012 season by reworking Manning’s deal, the Star-Ledger said.
Manning’s new base salary for the 2012 season is $1.75 million, according to the NFL Players Association’s website. He had been set to make $10.75 million, though the Giants have now guaranteed $9 million of that, allowing them to spread the cap hit over the final four years of his deal, the Star-Ledger said. Manning receives the guaranteed money immediately.
Manning, 31, won his second Super Bowl title with the Giants last season. He was named the Most Valuable Player of New York’s 21-17 championship win over the New England Patriots last month.
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