Ian Rappaport of NFL Network has reported that Eli Manning and the New York Giants are close to an extension and that the deal should be finalized in the coming weeks. The Manning extension would save the Giants some cap space. Instead of the nearly $20 million cap hit, the Giants would spread out the contract in more affordable chunks.
Manning has been the Giants starting quarterback since relieving the struggling Kurt Warner in the 2004 season. There is a reason Manning is such a highly paid quarterback. He has been the rock of this organization for 11 seasons, twice being crowned a Super Bowl MVP.
Manning is entering the last year of his six year contract worth over $100 million. Manning’s contract should be pretty similar to Ben Roethlisberger’s who was drafted the same season as Manning. Roethlisberger got an incredible 5 year extension worth $108 million. We’ll have to wait and see the details on the Manning deal but we have to assume the numbers will be above $100 million.
The Giants urgency to get a deal done with Manning may suggest that they are looking for a little financial breathing room. It is possible that they want to swiftly sign one of the coveted free agents that are available before training camp. Evan Mathis or Reggie Wayne would make an awful lot of sense for this football team.
The Giants may not want to wait until the offseason because of recent precedent. Joe Flacco bet on himself in 2012; when he became a Super Bowl MVP his value skyrocketed. If Manning has an incredible season they could end up paying him even more than they would have had to.
All we know now is that they are working on an extension and a deal could be done soon.