In an effort to help the Giants get underneath the salary cap by the start of the new league year (which begins next Tuesday), the team has restructured quarterback Eli Manning's deal, according to a report in The Star-Ledger.
The Giants were roughly $8 million dollars over the cap, but by guaranteeing $9 million of Manning's $10.75 million base salary of 2012, they were able to spread that cap hit over the next four years and save $6.75 million on Manning's 2012 cap hit. Manning was originally scheduled to have a hit of $16.35 million, but the new deal decreases it to (just) $9.6 million.
The deal doesn't sacrifice any money for Manning, it just guarantees the $9 million to be paid now and increases his cap hit for each of the three seasons after 2012. Here are his future cap hits, each of which has increased by $2.25 million with his new deal: 2013: $20.85 million , 2014: $20.4 million , 2015: $19.75 million.