"I'm going to sign my tender today and will continue talks for a long-term deal before camp starts," Cruz said.
The first-round tender contract is worth $2.879 million.
Cruz's tender was set to drop to $630,000, according to Ralph Vacchiano of the New York Daily News.
This isn’t really great news for the Giants. Cruz needed to do this to avoid having his tender revoked, which the Giants had the option to do on Monday. He is simply safeguarding himself from that happening. By all accounts we believe the Giants had no intention of doing that.
The team could have pulled the first-round tender off the table and replaced it with one worth 110% of Cruz’ 2012 salary, or approx $630k.
The two sides are reportedly still far apart on terms, but this move was expected. Cruz and his reps are following the restricted free agent playbook to the letter.
Next step: back to the negotiating table. It is unlikely Cruz will hold out of training camp, but that is his last piece of leverage. The consensus is that a long term deal will be reached before, or early on in camp.