Wide receiver Victor Cruz and the New York Giants have been "close" on a contract for a while. "Close" now has turned to "done."
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NFL.com's Aditi Kinkhabwala reported Monday that Cruz and the Giants have agreed on a long-term contract extension, according to a source with knowledge of the negotiations. The Giants later announced that Cruz had signed the contract.
Cruz could earn $43 million on a five-year extension that will be added to his current one-year, $2.879 million restricted tender. NFL.com's Albert Breer reported Monday that Cruz will receive $15.6 million guaranteed, according to a source involved in the negotiations. That would make the entire contract a six-year, $45.879 million deal.
Jay Glazer of FOX Sports first reported the news.
Kinkhabwala reported that the Giantsdid not change their offer to Cruz since he signed his tender June 14. The contract had been awaiting the receiver's signature for a week.
Kinkhabwala reported in June that Cruz indicated he nearly was ready to sign. Cruz wanted to avoid a season in limbo after possibly playing cautious late last season.
The contract is a win-win for both sides. The extension can be advertised as worth $8.6 million annually by Cruz's agent, which puts him knocking on the door of a top-10 receiver. In reality, the entire six-year contract is a team-friendly contract worth under $8 million per year.
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Most importantly, Cruz receives long-term financial security that is hard to find for an undrafted player who mainly lines up in the slot. He eliminates much of the risk of a value-changing injury in 2013. And the Giants get a great starter at what could be seen as a No. 2 receiver price, while the team eyes an even bigger deal with Hakeem Nicks next year. If the Giants can't come to terms with Nicks, the franchise tag should be an option.
The Giants have done a nice job surrounding quarterback Eli Manning with top-shelf talent, and that doesn't figure to change anytime soon.
Follow Gregg Rosenthal on Twitter @greggrosenthal.