Giants Release Cruz, Jennings in Cap Saving Cuts – The New York Giants released wide receiver Victor Cruz and running back Rashad Jennings on Monday, creating significant salary-cap space by parting ways with two veteran members of their offense. Cruz, 30, is 2½ years removed from major knee surgery and would have counted for $9.4 million against the Giants’ salary cap in 2017. New York frees up $7.5 million in cap space with his release. Jennings would have counted $3,062,500 against the cap in 2017. Releasing him frees up $2.5 million in cap space.