Giants Buy Back '08 and '09 Seasons in E. Manning's Contract
There was a report this morning that the New York Giants had extended the contract of quarterback Eli Manning.
In truth, though, the Giants simply executed a buy-back clause in Manning's contract that they'd intended to execute all along.
The seven-year, $45 million deal that Manning signed as a rookie in 2004 contained a provision that the 2008 through 2010 seasons would be voided if Manning reached certain playing-time benchmarks. He did, and the seasons were voided. But the contract also contained a provision for the Giants to buy back the 2008 and 2009 seasons if they were voided, and that's what the team did. Both sides anticipated that would happen from the moment the contract was signed.
Under the buy-back provision, Manning's salaries jump to $8 million in 2008 and $8.5 million in 2009.
Manning's playing time also triggered a $6 million escalator clause for next season, and the club has paid him a $3 million roster bonus.
By Mark Maske |
March 19, 2007; 12:49 PM ET
| Category:
Giants
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Posted by: Mike | March 20, 2007 6:22 AM
Shouldn't the Giants get a refund?
Posted by: BoltsFan | March 20, 2007 1:18 PM
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It serves the Giants right that they will have the most over rated / highest paid quarterback since Ryan Leaf. I'm still mad they stole Antonio Pierce by taking advantage of The Danny once again. This time for NOT paying.Their should be a league rule that limits the number of times The Danny can "be had" in any two year period.