Giants linebacker and defensive end Mathias Kiwanuka has agreed to a restructure of his contract to help the team’s salary-cap situation.
The move converts an already guaranteed $1.5 million portion of Kiwanuka’s 2013 base salary into a signing bonus, and he won’t lose any money from the three-year extension he signed last year.
The change, however, lowers his 2013 salary-cap number by $1 million (from $5.125 million to $4.125 million). His cap number, however, will go up slightly in 2014 (from $6.55 million to $7.05 million) and 2015 (from $6.95 million to $7.45 million) as a result of the restructure.
The Giants, who are believed to be about $6 million under the cap (which has not been set yet), already cut running back Ahmad Bradshaw, linebacker Michael Boley and defensive tackle Chris Canty earlier this month, to free up almost $14 million in salary-cap space.
They’re making room to help sign their free agents, including receiver Victor Cruz, who will have the highest cost.
Tackle Will Beatty, guard Kevin Boothe, tight end Martellus Bennett, defensive end Osi Umenyiora, safety Kenny Phillips and kicker Lawrence Tynes are among their unrestricted free agents. Running back Andre Brown and safety Stevie Brown, like Cruz, are restricted.
The free-agent market begins on March 12.