[EmpireWF]

Wow, this can't be a best case scenario. I thought they had a lot of room to work with after all those cuts early on. But apparently not. From BBI:

According to The Star-Ledger, the Giants are currently only about $5.5 million under the 2007 NFL salary cap of $109 million. The Ledger says the Giants started free agency $10 million under the cap, not $20 million that had been previously reported.

The Giants took a big cap hit when the escalators in QB Eli Manning's contract increased his 2007 base salary from $1,177,000 to $6,000,000. In addition, tenders to restricted free agents SS Gibril Wilson ($1.3 million), LB Reggie Torbor ($850,000), and HB Derrick Ward ($850,000) count against the cap. OC Shaun O'Hara signed a 5-year, $19 million contract before free agency started. And the HB Reuben Droughs-WR Tim Carter trade resulted in a bit of a cap hit as well despite the fact that Droughns re-worked his contract. Droughns' 2007 salary cap figure is $1.25 million (Carter's base salary was $900,000).

[ThePundit]

Wow. Only 5 million under the cap and still so many holes to fill.

[Lefty Noob]

This will be a down year for New York... they'll need to eat some losses to open up more cap room for next year, I think. Maybe that's why Coughlin was brought back... to be the guy who absorbs the losses as the team gets in better financial shape for the new head coach. Just a wild-arsed theory.