A source confirmed Wednesday night that Cruz had agreed to a reduced salary for 2016, an outcome that has been inevitable for some time because Cruz hasn't played since tearing his right patellar tendon in Week 6 of the 2014 season.
Cruz's new contract guarantees him $3 million in 2016 salary and allows him to earn $2.5 million more in incentives, based on production.
Cruz addressed the deal on social media.
Once a Giant always a Giant. See you in September. @ New York, New York https://t.co/Dl95jAsj2G
— Victor Cruz (@TeamVic) March 10, 2016
Cruz was originally scheduled to earn $7.9 million in salary and count $9.9 million against the salary cap this season.
Obviously, a restructure of this size will significantly reduce his cap number.
Cruz missed the final 10 games of the 2014 season following surgery to repair his patellar tendon.
He tore a calf muscle in the other leg during training camp in 2015 and missed the entire 2015 season as a result.
The Giants and Cruz have said his rehab is going well, but they said the same last year and know they can't count on him to play at all, let alone at a high level.
The team will continue to look for receiver help in free agency.