A source confirmed that Webster agreed to take a pay cut in the final year of his contract. NFL Network had earlier reported that Webster's base salary will go from the $7 million he was scheduled to earn to a new base of $4 million.
Baas also had his base salary of $4.25 million restructured to $1.25 million for this season, according to the NFL Players Association website. The Giants now reportedly have $8 million to $9 million in cap space.
They still might do more cap maneuvering before free agents are allowed to officially sign on Tuesday.
Even though Webster struggled in 2012, the Giants' ability to keep him at a more reasonable number is important. They need Webster, with little depth and experience on the roster at corner after Prince Amukamara and Jayron Hosley.
The Giants are hoping Webster will have a bounce-back season in what will be a contract year. But they still need more cornerbacks for depth and experience. Sources told ESPN that the Giants are one of four teams interested in former Packers safety Charles Woodson, who could certainly provide experience and depth as an extra safety/defensive back. But it's safe to assume that the Giants would want only a short-term deal with a veteran like the 36-year-old Woodson.
Clearing cap space will help the Giants tender restricted free agents like Victor Cruz, Andre Brown and Stevie Brown. They also hope to re-sign some of their free agents, like Kevin Boothe and Martellus Bennett.
General manager Jerry Reese might have some more restructuring and cap maneuvering to do because he would like to extend Cruz's contract and Hakeem Nicks' deal, which is entering its final year.
ESPN's Josina Anderson contributed to this report.