Today is the big day. In Rome, the College of Cardinals will begin the process of electing a new Pope. In the United States, football fans will try to keep up with all the rumors, comings, goings and trimmings that come with NFL’s annual free agency frenzy.
What is happening today…..
*Prior to 4:00 p.m., New York time, clubs must exercise options for 2013 on all players who have option clauses in their 2012 contracts.
*Prior to 4:00 p.m., New York time, clubs must submit Qualifying Offers to their Restricted Free Agents with expiring contracts and to whom they desire to retain a Right of First Refusal/Compensation.
*Prior to 4:00 p.m., New York time, clubs must submit a minimum salary offer to retain exclusive negotiating rights to their players with expiring 2012 contracts and who have fewer than three seasons of free agency credit.
*All 2012 player contracts will expire at 4:00 p.m., New York time.
*Top-51 Begins. All clubs must be under the Salary Cap prior to 4:00 p.m., New York time.
*The 2013 League Year and Free Agency period begin at 4:00 p.m., New York time.
*Trading period begins at 4:00 p.m., New York time, for 2013 after expiration of all 2012 contracts.
The Giants are around 3-4 million dollars under the salary cap according to spotrac.com. That includes the signing of DT Cullen Jenkins and the tender offers made to WR Victor Cruz, RB Andre Brown and S Stevie Brown.