The New York Giants got some much-needed salary cap relief Thursday. Corey Webster agreed to a pay cut and David Baas restructured his contract.
The New York Giants picked up some additional salary cap room Friday. Cornerback Corey Webster has reportedly agreed to a pay cut, slashing his salary from $7.25 million to $4 million in 2013. Center David Baas has also restructured his contract. His $4.25 million base salary was changed to $1.25 million with the rest becoming a signing bonus that will be distributed over the final three years of his deal. His cap hit for 2013 is now $4.75 million, rather than $6.75 million.
The best news in all of this is that the Giants pick up what appears to be $5.25 million is salary cap space. That puts them more than $9 million under the salary cap of $123 million with free agency set to begin on March 12.
There are Giants' fans, however, who will consider it bad news that this means Webster -- who had a terrible 2012 season -- will return in 2012. The $4 million the Giants will pay Webster in the final year of his deal is likely far more than anyone would have paid him had he refused the pay cut and been released.
Thought, Giants' fans?