Rumors that the Giants and Victor Cruz were close to an extension that would get rid of the awkward RFA tender situation surrounding the wideout have been percolating for a while now. And now the two sides are just about to seal the deal on a five-year extension, CBSSports.com's Mike Freeman confirms.
As originally reported by Jay Glazer of Fox Sports, Cruz and the Giants have reached an agreement on a five-year, $43 million extension.
That extension is tacked onto the one-year, $2.879 million tender that Cruz eventually signed after briefly missing some offseason Giants activities.
The deal also reportedly includes $15.6 million guaranteed.
The five years and $43 million added to Cruz's current contract will pay him $8.6 million per year, which puts him somewhere in the 10-20 range in terms of average annual value on his contract among all wideouts, depending on whether you want to go with the $8.6 million or the $7.67 million he makes per year over the six-year total deal.
Cruz would certainly prefer the former -- the Giants reportedly offered the wideout around $7 million per year several months ago (owner John Mara confirmed an offer, but not the numbers). If he only ended up taking in $7.67 million a season, it's not the monster deal Cruz reportedly wanted.
On the other hand, it's still a deal that makes sense. Cruz, who hasn't made much money in his rise-from-nowhere career (relatively, anyway), gets financial security for life.
And the Giants lock up a guy who caught 168 balls for 2,628 yards and 19 touchdowns in 32 games the last two years through his prime and are now free to move on to deciding what they should do with Hakeem Nicks.
Eli Manning also gets his most reliable target over the past two years locked down and focused for the 2013 season.