First, a primer: Veterans can have their contracts restructured once per calendar year. To restructure, team and player agree to turn a portion of the player’s salary for the upcoming year into a signing bonus. The benefit of doing so for salary cap purposes is that a player’s signing bonus is prorated over the length of the contract to determine its effect on the salary cap. This means that if a player has a 5-year contract and a $6 million salary ($6 million cap number), turning $5 million of that salary into a bonus will reduce that player’s cap number by $4 million ($1 million salary + $5 million/5 years = $2 million cap number). The team can do

While the benefits of doing so should be obvious, restructuring a contract also pushes salary into the future, and can hamstring a team for years into the future. This matters because not only is the Giants cap situation perilous right now, it likely will be next year as well. And if you think the Giants have a lot of free agents to worry about now, remember that Justin Tuck, Andre Brown, Hakeem Nicks and – assuming he comes back on his restricted tender – Victor Cruz will all be unrestricted free agents after next season.

The point is that the Giants, like all teams, have the option to ease their cap situation this year at the expense of the cap in other years down the road. But should they? John Mara doesn’t seem to think so:

We haven’t really talked about [restructuring Manning's contract]. That’s always an option at some point in time, but he’s proven to be worth the amount of salary-cap space that’s been allocated to him.

The Giants are obviously in win-now mode, with a roster filled with expensive talent (which is what got us into this mess in the first place). No team can stay competitive for long in the NFL, but the biggest factor for a team’s success is clearly the presence of a franchise-quarterback. So long as the Giants have Eli Manning and a reasonable level of talent around him, the team will be contenders. Eli is 32 years old, meaning he has about 5 years left in his prime, and a few years thereafter when he will still be productive. When Eli gets to the tail-end of that window (like Brady), it might make sense to mortgage the future to squeeze as much production out of our star quarterback as possible. But until then, flexibility is the most valuable asset.

Fernando Medina/US Presswire

The Osi Umenyiora vs Jerry Reese battle is heating up and getting ready to blow. Osi is apparently upset by the latest contract offers from the Giants. Umenyiora upset with Reese saying recently ” Osi has been offered an extension two years in a row now”.Osi replied In an email sent to the Post  ”yes, they offered an extension this year,” Umenyiora wrote “guaranteeing half of what Kiwi was guaranteed. So him telling you guys they offered an extension is technically the truth. And I’m very greedy for turning down half of what Kiwi just got.” LoL. Osi also believes Reese is trying to make Him look like a “Greedy Pig.”

Kiwi was guaranteed $10.75 million, which would mean if Osi is  correct, he was offered a guarantee of $5 million. Osi is in the last year of a 7 year $ 41.5 million contract. Umenyiora believes someone of his pass rushing ability is worth $10 million a year. And is due $3.975 million this hear. He is looking for a 4 year deal with $15 to$17 million guaranteed.

It has become clear to everyone that these two men will not agree on a contract, too many bridges have been burned between them. No matter who you feel is right or wrong in this, bottom line is that it can disrupt a football team. And Osi has said he will no longer talk publicly about this matter. So it is unclear if he will demand a trade. Considering how well this has gone the last 2 years, I think a trade would be good for both sides.

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According to Osi’s agent, Tony Agnone, the Giants offered the option of getting a second opinion on Osi’s knee. Thus giving the disgruntled defensive an out, and he took it. Here’s the scenario I think will play out in the next few days. The Giants and their world class medical staff have found nothing wrong with Osi’s knee that would prevent him from practicing, however Osi says it’s hurt. They certainly can’t risk his health and say to the rest of the team that they don’t believe he is really hurting. The contract talks, that included incentives, have been greeted with more demands from Osi. The idea of the Giants wiping away the last year of his contract was ludicrous. Osi will visit Atlanta and get a clean bill of health. He will then come home and announce that he now feels “confident” enough in the knee to begin practicing. The Giants will announce how happy they are that he his completely healthy and they will welcome him back. While some contract additions in incentives may still be forthcoming, the game will have been played, and Osi will be back in camp. He will of course be booed wildly opening night when he takes the field, and this will add to his confusion of why he is always the bad guy.

Here are some things to remember about this situation, and how the Giants quietly, but effectively play hard ball. Osi really had no cards to play in this whole drama. He basically had two of the 5 years of his current contract paid while he was not playing or not playing well at all. If he thought the Giants would choose to add another free year by putting him on the PUP or retired list, he was sadly mistaken. Also the new CBA has lots of new fines for missing camp, practices, pre-season games, and regular season games. The giveback the owners got from the union in return for less OTA’s, less camp time, and less practice time was that they would help guarantee the players would show. Unless you are in your walk year, and you are a franchise player, holdouts are a thing of the past. The next mis-step were the trade rumors. The Giants allowed Osi to seek a trade for a first round pick. After hearing that his agent had contacted 21 teams without a taker, a report surfaced that Baltimore was willing to give a third round pick. The next morning on ESPN’s Colin Cowherd Show it was announced by a Giants beat writer that according to his “source” the price was going to drop to a second round pick. False. The Giants knew right then that they had won the battle. Offer terminated, no trade. Osi was left with the last ditch effort to become a distraction and claim he was now injured. Too late.

This was a masterful job by management to see the entire scenario and where it could lead if handled properly. Osi will be back, and I hope he has something to prove!

Osi Umenyiora has found himself in a difficult spot. Of course the way the information has leaked out has done him no favors, but all in all it really has left him in a bad place.

First we heard that Osi was joining the lawsuit against the owners claiming unfair labor practices and broken promises. This was a pure case of the union using it’s players to try and move their court cases forward. It was a bust. For anyone who actually read the affadavit and not just the title, it was clear that the Giants had broken no promises and that in fact were living up to exactly what they had stated. Step two was the one day holdout. Hard to take anyone serious about holding out when before the info even gets out that you are indeed not showing up, you show up at camp. The Union got Osi here too, since they agreed to an increase to $30,000 a day for missing the new limited camp time. Then the proclamation that Osi would never speak to GM Jerry Reese again came to light, and was immediately followed by the news that they had a “good” meeting that night. The next step was the always popular demand for a trade. This too was granted to Osi, and he and his agent have found no takers at the price the Giants AND Osi are asking. Don’t forget the number one draft pick must be accompanied by a new contract for Osi which would be in the neighborhood of 10 million a year for the next 5 years or so. Now comes word of the “Hope” that Osi can remain a Giant somehow. Wow…quite a trip.

Here is the problem with Osi’s argument and stance.

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“I just don’t think that him leaving the Packers and going to the Jets was a great thing because you never know with them,” Jacobs said. “Great quarterback, I just don’t know if that was a smooth idea. … I’m not saying he’s going to do something bad, but I think he had a pretty good thing with the Packers. But if they didn’t want him back, they didn’t want him back.”

First time I have ever heard Favre’s move hailed as not smooth, but Jacobs really voiced something I’ve been thinking this whole time: you do never know with the Jets.  Right after the trade was announced, commentators on Sportscenter asked the following question: “Whose better now, the Packers or the Jets?

Is that even a question?  The Packers made it to the NFC Championship Game, and the Jets went 4-12.  Admittedly, the Jets made some good moves this offseason, but the Packers are not only a better team, they are in a much easier division.  It’ll be interesting to see how Favre reacts to two tough games against the Hatriots.

Jacobs also shed some light on how the Favre situation affects the Giants:

“At first, everything was about (Plaxico Burress‘ contract),” Jacobs said. “Now it’s all about Brett Favre. You can’t read too much about Plax anymore.”

Touche, sir.  The media really does have a short memory.  It seems they’d rather show images of Favre with his trademark scruff and molar-to-molar smile than focus on the pouty Plaxico.  Like with the Shockey situation, Plaxico has found a media shield to hide behind.  While he’s avoided getting a bad rap for too long (is it too early to start a Plax being Plax catchphrase?), if he misses any games this season not even the Giants trading for Peyton Manning would help Plax avoid the wrath of the media.

A report today from Ralph Vacchiano at the NY Daily News, tells us all something none of us should be surprised at, Plaxico Burress is still not practicing:

“I definitely want to be out there, but Plaxico Burress has to take care of Plaxico Burress,” Burress said. “That’s what I’m going to do. I’m going to make all the right judgments as far as my health. I’ve stressed that to them. When I get out there I’m going to be running 100 miles per hour with no restrictions. That’s what I’m trying to accomplish.”

Speaking in the third person is never good.  It makes you sound self-centered, and it’s obvious Plax is not trying to veil his displeasure anymore.   There is an article update that says the Giants are working on contract negotiations with Burress now, and that they expect a new contract to be agreed upon before the season.

It’s about time.  Maybe Plaxico isn’t a $8-9 million receiver (which is apparently what he’s asking for), but he’s certainly worth more than his current cap figure ($3.5 million).  I think the two sides will meet somewhere in the middle.  Maybe around $6.5-7 million.