The Giants still have a lot of work to do to create some operating room under the salary cap before the free-agent market opens on March 12. They continued that work late last week with a minor restructure of Mathias Kiwanuka's contract. The Giants linebacker/defensive end, who will turn 30 next week, was due to make $2.95 million in salary in 2013, but according to NFLPA records his new salary is $1.45 million. The remaining $1.5 million was converted into a bonus which, for salary cap purposes, will be prorated over the life of the contract. The move saves the Giants $1 million against the 2013 salary cap. Kiwanuka signed a three-year, $21.75 million contract extension last April and he's still signed through 2015. The final two years of his contract were apparently untouched. He's due to make $4.375 million in 2014 and $4.775 million in 2015. Due to the restructuring, his cap number in each of those years will increase slightly. He would've counted for $5.125 million against the cap this year. That number is now $4.125 million. The Giants are likely not done, either. After this move, they are believed to be about $5-6 million under the projected salary cap for 2013, which reportedly will remain "flat" from last season at about $121.1 million. They could actually have another $2 million or so in space if the cap rises to $123 million as some NFL people believe it might do.
Mathias Kiwanuka restructures contract with NY Giants, will save Big Blue $1M against salary cap
New York Daily News | Feb 26