One Contract Restructured and One New QB

The Giants restructured the contract of DE Kenny Holmes. Holmes, a free-agent signed by the Giants last season which included a $5 million signing bonus, only had 3.5 sacks in 2001. The Giants also signed a quarterback who played for the Rhein Fire of the NFL Europe League. With this move, any hopes of re-signing last year's backup quarterback Jason Garrett is gone.

  • The Giants placed Kenny Holmes on their expansion list but he was not selected by the Texans. Holmes made his way there after registering only 3.5 sacks in 2001 after having 8 in 2000 for the Titans. His lack of production coupled with his 4-year, $20 million deal caused some rumors to surface that Holmes would be cut after June 1st. The restructuring means that the Giants gain some room under the salary cap and will keep Holmes. Holmes claims the lack in sacks last year was the result of a knee problem he played with all last year.

  • The Giants signed free-agent quarterback Phil Stambaugh. Stambaugh played for Lehigh during his college years and hold many of Lehigh's records in passing and touchdowns. After college, he had tryouts for several NFL teams (Jaguars, Bills and Saints) but has never made the roster. Stambaugh last played for the Rhein Fire of the NFL Europe League in 2001 where he completed 110 of 200 passes for 1,166 yards. He had two touchdown passes with seven interceptions. Stambaugh also saw some action in the Arena League and is coming off a shoulder injury.

  • The player most likely cut after June 1st is last year's starting guard Glenn Parker. Although it's not official yet, look for Parker's release to be announced soon.

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