Giants release Victor Cruz. Victor Cruz was released by the Giants on Monday. The New York Giants have released wide receiver Victor Cruz in a move that creates significant salary-cap space, a source confirmed to ESPN’s Adam Schefter. The move was first reported Monday by The Giants are expected to officially announce Cruz’s release later Monday, the source told Schefter.

The Giants also have released running back Rashad Jennings, sources told ESPN’s Jordan Raanan. Jennings, 31, averaged just 3.3 yards per carry last season, his third with the Giants. He rushed for a career-high 863 yards in 2015.

Cruz, 30, is less than three years removed from major knee surgery and would have counted for $9.4 million against the Giants’ salary cap in 2017. New York will free 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 for the Giants.