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The Giants are officially in offseason mode. The team will release wide receiver Victor Cruz, according to The Record's Art Stapleton, and ESPN's Jordan Raanan reports that running back Rashad Jennings will suffer the same fate.

Cruz, who was set to make $7.4 million next season, was originally an undrafted free agent out of UMass. He burst onto the scene as a rookie in 2010 -- during a preseason game, he caught six passes for 145 yards and three touchdowns but landed on injured reserve after just three games.

Cruz had his coming-out party in Year 2, when he finished with 82 receptions for 1,536 yards and nine touchdowns. He logged another 1,000-plus-yard season in 2012, but a serious knee injury ended his 2014 season after just six games, and he missed all of the 2015 season. Cruz returned in 2016 but wasn't nearly as dynamic, partly because he was sharing the field with Odell Beckham Jr. When it was over, Cruz appeared in 15 games last season and had 39 receptions for 586 yards and one touchdown.

Now 30, Cruz is no longer a No. 1 wide receiver -- and it's unclear if he's an every-down No. 2 option -- but he could be an affordable option for the right team.

Jennings, meanwhile, joined the Giants in 2014 but after rushing for 863 yards (4.4 YPC) in 2015, he managed just 593 yards (3.3 YPC) last season. Now 31, Jennings' contract made him expendable.