Twas the night before training camp...

Twas the night before Training Camp, when all through

 the house / Not an unsigned contract was stirring...

You know the rest. Enough with the cuteness already.

Today we saw the signings of the Giants' only two remaining unsigned draft picks. After the completion of the Pugh and Nassib signings, the Giants have effectively done what they needed to do since the end of mini-camp in mid-June until the latter part of July salary cap-wise. They signed Cruz to an extension, and created $349,000 more in cap room in the process--something which will be significant going forward.

What's going to happen next is that the Giants' cap number will decrease from $3,657,682 to $2,696,246. The Pugh signing should result in a difference of $961,436 between these two cap numbers as a result of cap displacement between the Giants' 51st ranked cap number and Pugh's expected 2013 cap number of $1,517,436. This official change should be reflected in the NFLPA's Top 51 League Cap Report by either tomorrow or on Monday, July 29th, 2013 (cap changes are not processed during the weekend since the NFL Offices in NYC are closed).

I wouldn't be surprised to see the Giants restructure the contract of Steve Weatherford at some point during Training Camp as well. If they did that, they could create as much as an additional $738,750 in cap room (he has 4 years left on his deal, including this coming season). Add that amount to the expected amount of $2,696,246 and the new total would be $3,434,996. This hypothetically adjusted new figure would only be $222,686 less than the current figure of $3,657,682. This new figure would also leave the Giants with an approximate salary cap rollover of $1.4 million for 2014, if there aren't any hiccups during July and August.

Approximately $2 million will be subtracted from this figure once the Top 51 Rule ceases on September 5th and the final 53-man roster has been set. This will take into account the 52nd & 53rd men on the roster as well the 8 players on the Practice Squad. Additional dead money--besides that which already counts towards the cap--is also part of the equation, not to mention players on IR, as well as those who've received injury settlements. Besides these factors, who knows what injuries will occur during training camp that could also factor into these figures. All in all, the Giants did what they needed to do contractually during the dead period of July & August. Hopefully the players stay healthy. We can only wait and see.