Report: Mathias Kiwanuka re-structures contract

The New York Giants have carved out a little bit more salary cap space by re-structuring the contract of defensive end Mathias Kiwanuka.

According to the New York Daily News Kiwanuka was due to make $2.95 million in salary in 2013, but his new salary is $1.45 million. The remaining $1.5 million was converted into a bonus which, for salary cap purposes, will be prorated over the life of the contract. The move saves the Giants $1 million against the 2013 salary cap. Kiwanuka would have counted $5.125 million against the cap in 2013. He will now count $4.125 million against the cap, says the Daily News.

Kiwanuka is signed thru 2015.

The Giants are now somewhere around $5-6 million under the anticipated salary cap of $121.1 million. That won't be enough to sign free agents Will Beatty, Kevin Boothe, Kenny Phillips and Martellus Bennett, and negotiate long-term deal with Hakeem Nicks and Victor Cruz.

Obviously, this is a step in the right direction. More moves have to be forthcoming prior to March 12 when the league season opens, however.