Mike Wallace made the first big splash of free agency by signing an expected deal with the Miami Dolphins, with reports saying that his five-year $60 million deal is the third-highest for a receiver in the NFL.
According to ESPN.com, sources told ESPN NFL Insider Adam Schefter that the deal has $30 million in guarantees and makes the 25-year-old one of the highest-paid offensive players in football. Wallace was a restricted free agent and the Steelers allowed him to leave, knowing he would want a big contract.
The New York Giants have been following the wide receiver free agent market closely, as they are trying to work out an extension with their own restricted free agent Victor Cruz. The two sides have appeared to be far apart, while the team placed the highest tender on him, which is worth $2.879 million and a first round pick. The market may dictate how much Cruz gets, as he and his agent may want to see where Wes Welker and other contracts fall.
Brian Hartline signed a five-year, $35 million contract with the Dolphins and now that Wallace has signed, there is a chance that Cruz could ask for more than him, or at least somewhere near that number. Wallace has been in the league longer than Cruz and while he has lighting speed, Cruz's numbers have been better over the past two years, as he has made over 82 catches and 1,000 yards receiving in each of the past two years.
The Giants want to keep Cruz, but they also have their own free agents to sign and Hakeem Nicks entering the final year of his contract, meaning they have to be wise. Nicks was a Giants draft pick so they will want to lock him up and although teams normally do not try to sign first-round tendered players, someone could take a risk, such as the Patriots if they lose Wes Welker, or another team with cap space.
John Mara spike about the contract negotiations and said that the Giants have made a substantial offer to Cruz.
"Certainly, we're taking a risk, but we would still have to right to match and if we decided not to do that, we're getting a first-round draft pick out of it," Mara told reporters, according to the Star-Ledger. "So yeah, it is a risk for us, and he is an exciting, dynamic player. It's not going to shock me if somebody makes him an offer."
Percy Harvin is working out an extension after being traded to the Seahawks and Cruz may also wait for that deal to be announced to see what he gets on the market. Although he will not be paid higher than Harvin most likely, Cruz will use those deals to get a number he believes is fair for his play over the past two seasons.
"Certainly we have the wherewithal to match just about any offer," Mara said, according to the Star-Ledger. "It's just a question of whether we want to do it and what the number is going to be. We've made him a very substantial [extension] offer but his agent feels like he wants to test the market a little bit and that's his right to do that. Again, we'd love to have Victor back. He's been a great player."
If the Giants can't lockup Cruz, they would go after players like Greg Jennings or Wes Welker to replace him. Eli Manning and Cruz have had a good relationship over the past two seasons and the team wants to retain him. After the Wallace deal, things might get a bit pricy, but the Giants have shown in the past they are smart with contracts and Jerry Reese will get things done.