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.
↵