ESPN's Adam Schefter is reporting that the New York Giants are one of three teams currently over the 2012 NFL salary cap by about $700,000 and must do some juggling in order to get under by the time the regular season starts Wednesday. This is the e-mail from Adam:
Houston, Detroit and N.Y. Giants are all roughly 700,000 over the NFL's salary cap, according to a league source. Houston can take their cap exception from the Redskins and Cowboys and get under the cap but the Giants and Lions will have to make a move or restructure contracts to get under cap. They have until Wednesday to get under the cap.
This is, obviously, quite ironic, since it was Giants owner John Mara who chairs the committee that imposed the salary cap punishments on the Redskins and the Cowboys for the way they spent their money in the uncapped 2010 season. Mara was the driving force behind those punishments and spoke out strenuously in defense of them at the owners' meetings in March, when he said the Redskins and Cowboys were "lucky they didn't lose draft picks" as punishment.
The Redskins were docked a total of $36 million in cap space over the next two seasons and the Cowboys $10 million, and that cap space was divvied up among 28 other teams ($1.6 million apiece) to use as they see fit. Since Houston's apparently remains unused, they're OK. But the Giants already took their $1.6 million, so they will need to restructure a contract or make a move.
I checked with Ohm Youngmisuk, who covers the Giants for ESPNNewYork.com, and he suggests Chris Canty, Michael Boley, Corey Webster and Antrel Rolle as restructure candidates (though Rolle restructured last year). Ohm also wondered whether the team could get under by working out an injury settlement with either Terrell Thomas or Shaun Rogers, who are on injured reserve and out for the season. So there are ways they can do it without impacting their roster too much. It's just a pain for them to have to do it, and you really do have to admit it's more than a little bit ironic that it's happening to Mara.