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Report: New York Giants Offer Victor Cruz Deal with $21 Million Guaranteed; WR Wants More

April 2nd, 2013 at 10:01 AM
By Dan Benton

The New York Giants have offered Victor Cruz a long-term deal worth more than $7 million annually, but the wide receiver has balked at accepting it. On Tuesday morning, Bob Papa of Sirius NFL Radio may have given an indication of why that is: the $7+ million annual contract includes $21 million guaranteed and, apparently, that's not enough.

Papa suggests the lingering standoff hinges on the guaranteed money and that Cruz is seeking more than General Manager Jerry Reese & Co. are currently offering. And although this is mere speculation on behalf of Giants 101, it would seem Cruz and his new agent, Tom Condon, are looking for a Mike Wallace-type guarantee of $27 million.

At over $7 million annually and $21 million guaranteed, Cruz would be one of the highest paid wide receivers in the entire league, pulling in more guaranteed money than Greg Jennings or even Danny Amendola and Wes Welker combined.

"With the injuries in the NFL, you offer me guaranteed money like that, sign me up," Papa said.

Yet here we are … still in a standoff. And assuming the offer is for at least five years, that would mean Cruz is turning down a $35+ million deal ($49+ million if the offer is for seven years) with $21 million guaranteed. That's about as good as it's going to get for a number two (slot) receiver.

Whatever the case may be, this situation is still several weeks from over. Teams have until April 19th to sign Cruz to an offer sheet, and if that doesn't happen, Cruz will have to decide whether he wants to sign the deal or play 2013 on the $2.879 tender and risk becoming an unrestricted free agent in 2014.

Photo Credit: Mike Gannon

(H/T to BBI)

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Tags: Football, Jerry Reese, New York, New York Giants, NFL, Tom Condon, Victor Cruz

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27 Responses to “Report: New York Giants Offer Victor Cruz Deal with $21 Million Guaranteed; WR Wants More”

  1.  BigBlueGiant says:

    Greedy ****.

    What’s this guy think he’s gonna get? I think that’s a pretty decent contract. He’ll make A LOT more off endorsements playing in NY anyway. Plus, we’ll end up giving the kid a job after football.

    Good luck in Oakland in ’14.

    •  purorock says:

      There isn’t a single endorsement deal in the entire world worth $21 million guaranteed or $7 million a year.

  2.  GOAT56 says:

    Repost:

    I stated yesterday we needed a guy like Rodgers as a run stuff but that could be more of contributor with the number of sacks. Maybe Patterson is that guy. If he’s signed in my view both him and Rodgers don’t make the team. They are playing for one roster spot. I don’t know if Jenkins can be counted on for heavy snaps and he’s clearly a better pass rusher. So it’s a good possibility if we do sign a guy like Patterson he may very well end up starting though Jenkins would probably play more snaps.

    I still don’t think this kills selecting a DT but it means we probably don’t select one early. I still prefer a DT that could be here at a high level for several years but Patterson at least could play at a high level for a year or two if healthy.

  3.  KingAndrewXXIII says:

    Cruz should talk to another one of Tom Condon’s client, former Giants WR Steve Smith. Ask him how his career has panned out since turning down a lucrative offer from Jerry Reese and company. $7M a year with $21M guaranteed is a pretty solid deal for a guy who came in as an UDFA…and enables him to continue to play in his hometown…and secure even more endorsement deals, red carpets, etc. Sign the contract already.

  4.  JediErzengel says:

    Cruz could make more money playing in NY with endorsement deals then he would playing for KC or some other market team. Yes the Super Bowl helped but I hope his handlers realize that he can make a lot of money playing for NY outside his football salary.

  5.  GOAT56 says:

    Like I said before the issue is Cruz doesn’t view himself as a #2/slot WR. And there’s enough on his side in my view that’s he’s not crazy for thinking that way. But JR and co are not going to blink. Clearly they are frustrated which is why the numbers he was offered have now been conveniently leaked. It’s either Cruz excepts which appears to be a very reasonable offer to most of us or we start planning for life without Cruz.

  6.  GOAT56 says:

    I do think that some here overrate his earning potential in NY compared to outside of NY for Cruz. The appeal of NY for Cruz is this is where he’s from. I’m not saying there’s isn’t any earning difference in NY but it’s not as much as people make it seem. Then when you add in the difference of cost of living another place and it’s not bottom line wise worth taking less to stay here. It’s worth it if he’s like playing with Eli, his teammates, being a winner in NY and getting to do it around his family and friends. But not financially in my view.

    •  KingAndrewXXIII says:

      Yes and no. The cost of living in New Jersey, which is where many of the Giants live- even the highest paid guys like Eli, isn’t nearly as expensive as it is to live in the actual city. Sure, it may be a little bit more expensive than a market like Jacksonville…but outside of “football cities” such as Green Bay, Pittsburgh, Chicago and Dallas, you are going to be VERY hard pressed to live the lifestyle that Cruz is accustomed to (red carpet events, screenings, fashion shows, etc.) and wouldn’t be NEARLY as big on a global, or even national scale when it comes to endorsements. Remember, this kid has his own fashion line – is very up on that scene, attending fashion week in Paris, etc. Attends many red carpet events and is married to/engaged to a PR woman. Not going to receive anywhere close to the amount of publicity he receives in his own backyard here in NYC.

      •  GOAT56 says:

        There’s the offseason. Yes during the season he might be scaled down but some people act like he still can’t be in NY all the time. Cruz is already big enough that his city doesn’t matter much. Maybe he need the spot light of NY to make himself a star but now that he is he can still benefit from the star that he is already.

  7.  norm says:

    I am sooooo over this whole Victor Cruz thing.

    Sign. Don’t sign. Stay here. Go to Oakland.

    Whatever. I no longer give a fvck.

    Yeah, I know the offense almost certainly takes a big hit if he leaves. But if his departure means I no longer have to hear about this sh!t, than that’s a price I’m willing to pay.

    My bottom line: I watch football during the season, follow it during the offseason, because I find it an enjoyable form of entertainment. I no longer find this entertaining. Frankly, it’s become a motherflvcking bore.

    I don’t blame Dan and others for covering it. It is news and this is a site dedicated to reporting news about the Giants. But I’ve come to view this story in much the same way I viewed the oversaturated coverage of the recent presidential election: I just wanted it to go away and ceased to care about the outcome long before it ended.

  8.  fanfor55years says:

    Ridiculous. Over five years (let’s assume that’s the contract length) that “extra” $6MM that he wants in guarantees is worth about $4MM in present value. Take out Condon’s fee and the lawyers’ take of about 10% and there’s $3.6MM remaining. Take out taxes (Federal and State) of about 40%. That leaves $2.16MM in Cruz’s pocket.

    First, if he risks playing under the tender for the above difference he’s an outright moron.

    Second, the Giants plucked him out of total obscurity and made him a star (let’s not forget that if it wasn’t Eli Manning throwing to him he wouldn’t be where he is today).

    Third, he’s a terrific receiver with a propensity to drop too many balls. His agent ought to let him know that the “value” he has placed on himself is too high.

    Fourth, while some teams might do the above math and decide it’s worth it to bend, the Giants have a number of young stars who have contracts coming up for renewal and they cannot afford to start caving to every deluded player and his agent. Condon knows that. Cruz needs to understand that.

    I really like this kid and fully understand why he wants more money, but as you can see above, he would be nuts to try to “hold up” the Giants over what is a pretty small sum. If he holds out I hope the team comes down really hard on him. And Cruz has already started burning his bridge with sophisticated fans who understand these economics, myself included.

    I always liked Nicks better anyway. Better receiver, by far. And I’ll bet he is easier to deal with on his contract.

    •  Hanshi says:

      I don’t know. Didn’t Nick say something a year or two ago like it was his dream to play for Carolina?

  9.  wrdag says:

    At those numbers we can rest assured we are not getting a #1 pick!!

  10.  Chad Eldred says:

    Of course it’s about guaranteed money. Six months ago I said that’s what this would be about. Because I’m a genius? No. Because that’s what it is always about. The per year stuff is window dressing.

    I think he’s going to sign this. But why should he hurry. There is no reason for him to sign any sooner than he has to. Odds are slim that he’s going to get an offer sheet that exceeds what’s on the table, but if he signs the offer the slim chance reduces to zero. Faced with playing tendered and risking injury doesn’t make sense. He could very well get offered nothing more next year in another cap strained year. The smart play is for him to wait a few weeks and sign.

    •  Eric S says:

      Totally agree Chad. Teams have until April 19th to sign Cruz to an offer sheet. Why should he rush to sign before then? He’s unlikely to receive an offer elsewhere but there’s no point in closing that door early.

      FF55, at least give Cruz some credit for working hard to become the player he is. To say he wouldn’t be who he is without Eli is a bit of an overstatement. After all, Eli threw to Moss and Barden and they wound up busts. Eli is only part of the equation. Yes, the Giants gave him an opportunity but unlike those 2 stiffs I just mentioned he seized his opportunity. That’s to his credit.

      And what’s with this theme that I see popping up a lot lately that references Cruz’s status as a UDFA and how he should be happy to settle for less than the maximum amount he can get? If he was a former 1st rounder would that same idea be pushed? It makes no sense. Who cares where he was or wasn’t drafted? What does that have to do with his current value on the market? I’m not saying the Giants aren’t making a fair offer as far as we know, just don’t see how his UDFA status should affect his current negotiations. If anything the Giants benefited greatly by getting top 10 WR production for UDFA pay.

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