Victor Cruz still doesn't have his long-term deal with the Giants, but he is signing up for at least one more year.
The restricted free agent was enroute to the Meadowlands on Friday morning where he is expected to sign his one-year, $2.879 million tender, an NFL source confirmed. By doing so, Cruz beat a Monday deadline where the Giants had the option of reducing his tender all the way down to $630,000.
He told ESPN that his intention is to "continue talks for a long-term deal before camp starts."
This presumably eliminates the Giants' biggest offseason headache, which has loomed over all their offseason business for months. Cruz missed the Giants' entire offseason program along with the three-day minicamp they wrapped up on Thursday, steadfastly refusing to sign his tender as the sides negotiated a deal.
After months of talking and a switch of agents, though, the two sides aren't much closer than they've been for the last few weeks. According to one source who has been in contact with Cruz's camp, the Giants' latest offer is worth an average of more than $8 million per season. But word is that Cruz, who was once looking to be paid the $11 million per year that No. 1 receivers have been getting in free agency lately, is refusing to settle for anything less an average of $9 million.
With a still sizeable gap - and possibly a more significant gap in guaranteed money - there is no guarantee that Cruz will have a long-term deal in place before training camp opens on July 26. However, it now seems unlikely that he'll holdout, since he's subject to fines of $30,000 per day.
Of course, those fines would still be less than the loss of money he was facing on Monday. The NFL's collective bargaining agreement allows teams a one-day-only option to reduce RFA tenders to 110 percent of the players' previous year salary. Cruz made $540,000 in salary last season, but since 110 percent of that is less than the NFL minimum salary for a fourth-year player, his tender could only be reduced to $630,000.