Corey Webster takes pay cut to remain with Giants
Corey Webster agreed to give up nearly half of his $7 million base salary, coming down to only $4 million for the last year of his contract in 2013. The move lowers Corey Webster’s cap number from $9.845 million to $6.845 million, saving the New York Giants $3 million in cap space for the 2013 salary cap.
The former New York Giants’ second-round pick out of LSU in the 2005 draft, Corey Webster, was heavily criticized last season following his struggles in pass coverage. So, it was unlikely Corey Webster would have received an offer of $4 million had he been released as a free agent by the New York Giants. But now that he’s signed through 2013, Corey Webster can utilize that time to return back to form and prove that the 2012 season was just another bump in the road, so that he can end up with much better offers next offseason.
The money could come in handy during free agency next week, since the New York Giants could require as much as $7 million in cap space for tenders to their restricted free agents – safety Stevie Brown, receiver Victor Cruz and running back Andre Brown.
It seemed when the New York Giants didn’t release Corey Webster in the initial offseason cuts to defensive tackle Chris Canty, running back Ahmad Bradshaw and linebacker Michael Boley, the team was expecting to keep Webster on a lower pay roll. The New York Giants also seem satisfied with 2011 draft first round pick Prince Amukamara, but they had doubts about starting 2012 draft third round pick Jayron Hosley opposite him. The New York Giants were also one of the four teams that took a look at free agent cornerback Charles Woodson, but the team contested it was a customary offseason move.
Center David Baas also agreed to restructure the third year of his five-year, $27.5 million contract he signed with the New York Giants in 2011. David Baas’ 2013 base salary has been lowered form $4.25 million to $1.25 million. But unlike Corey Webster, David Baas didn’t take a pay cut – instead his remaining $3 million was converted into a bonus. Reworking the contract saves the New York Giants $2 million in cap space.
Following the two moves in addition to recent restructuring of linebacker Mathias Kiwanuka’s contract, the New York Giants are projected to be total $9 million below the 2013 cap space estimated over $123 million. The New York Giants could restructure further high-salaried contracts like safety Antrel Rolle, guard Chris Snee as well as quarterback Eli Manning, and even convince offensive tackle David Deihl to take a pay cut. David Deihl is scheduled to make $4.475 million in base salary for 2013, while collecting another $350,000 in roster and other workout bonuses.