Giants QB Eli Manning has restructured his contract for the 2012 season, according to Ralph Vacchiano of the New York Daily News.
Manning's base salary for 2012 dropped from $10.75 million to $1.75 million, making his cap number $9.6 million for the season. It creates $7 million in cap space for the Giants.
The defending Super Bowl champs were reportedly $9 million over the cap.
Vacchiano also reported that the Giants re-signed exclusive-rights free-agent TE Jake Ballard and RFA CB Bruce Johnson, who missed all of last season after rupturing his Achilles tendon in training camp.