Eli Manning restructures contract

One of the Manning quarterback brothers has already struck a deal this offseason. While Peyton Manning seeks a new employer, his younger brother, Eli Manning, has restructured his current deal to create $6.75 million in salary-cap room for the Super Bowl champion New York Giants.

A league source confirmed to Scout that Manning's base salary is now down to $1.75 million as the Giants have converted $9 million of his previous $10.75 million base salary for 2012 into a signing bonus.

He was initially scheduled to carry a $16.35 million salary-cap figure, and it's down to $9.6 million.

The remaining money is now prorated through the 2015 season, adding $2.25 million to his cap figure annually.

Manning is due the following base salaries and salary-cap figures going forward: $13 million salary, $20.85 million cap figure (2013), $15.15 million salary, $20.4 million cap figure (2014) and $17 million salary and a $19.75 million cap figure in 2015, the final year of the deal.

It's a win-win for the two-time Super Bowl Most Valuable Player and the Giants.

Manning gets a $9 million check to go into the bank and the Giants get some salary-cap breathing room.

For more coverage of the NFL, go to profootball.scout.com. Follow me on Twitter: @RavensInsider

Scout NFL Network Top Stories