Giants Stadium's grass was recently ranked second-worst in the league in a player survey, ahead only of the artificial turf at Veterans Stadium.
The new FieldTurf is expected to be installed at Giants Stadium by April.
FieldTurf is made of nearly 3-inch long blades of synthetic grass sewn into a fabric backing.
Instead of dirt, tiny granules of rubber are mixed with sand to form 1 3/4-inch base below the exposed surface.
Drainage for the surface is considered excellent.
According to the Asssociated Press, the field usually costs roughly $1 million to install. But because of the intense bidding and the high profile of the venue, Sports Authority officials say the company is expected to install the field and maintain it for a substantially lower price.