We reported the Giants are approximately $8 million under that number after redoing Eli's contract and releasing Brandon Jacobs. According to the website spotrac.com, the Giants have 43 players under contracts totaling $112.3 million.
Some newspapers and websites are reporting different numbers. From Bart Hubbuch of the Post:
"The Giants should be about $2 million under the cap after reworking Eli Manning’s contract and releasing Brandon Jacobs on Friday, though general manager Jerry Reese is expected to redo more deals to create further room."
From SNY Insider Ralph Vacchiano of the Daily News:
"...the Giants have cleared about $12 million in cap space by restructuring Eli Manning’s contract ($6.8 million) and cutting Brandon Jacobs ($5 million). They also gave a “franchise” tender to punter Steve Weatherford (about $2.6 million) and signed three players to small deals (Domenik Hixon, Jake Ballard, Bruce Johnson, for about $1.7 million total). If my math is right (and it rarely is) that puts them anywhere from right at the cap to $3 or 4 million under."
Who to believe? I would like to think us and spotrak.com because we put the Giants further under the cap than the others do. The main point to keep in mind here is, they are under the cap before the 4pm Tuesday deadline - something many didn't think they could do...