The NFL has officially set the salary cap for the 2012 season at $120,600,000 per team. Teams have to be under that cap by 4 p.m. ET on Tuesday, March 13 when the league season -- and the free agency period -- begins.

Unrestricted free agents can sign with a new team any time from March 13 until July 22. Restricted free agents (those whose teams can match any offer made to a free agent) can sign with a team until April 20. Franchise players can sign with a new team until November 13. If a franchise player does not sign by November 13, he must sit out the season.

The New York Giants got under the salary cap in the past few days by releasing running back Brandon Jacobs and re-structuring the contract of quarterback Eli Manning. According to Spotrac, the Giants are currently at $112,361,603 with 43 players signed.

The New York Jets are at $113,226,874 with 48 players signed, per Spotrac.