The Giants would receive the Saints’ first-round draft pick (as part of the Jeremy Shockey trade) if New Orleans signs Jonathan Vilma before free agency begins Feb. 27.

That’s because, if the Saints do, they would owe the Jets their second-round pick, therby pushing the Giants’ pick into the first round.

The New Orleans Times Picayune reports this is unlikely (for obvious reasons), so the Giants will receive the Saints’ second-round pick.