In the eyes of the Giants, Kenny Holmes did not live up to the hefty contract they gave him last year and, as a result, his salary was slashed. Holmes was supposed to make $1.9 million for the 2002 season, but in order to gain salary cap room and keep Holmes on the roster, the Giants recently cut his salary a full $900,000, down to $1 million.

This is the harsh reality of the NFL, where performance actually affects compensation. Holmes last year was signed to a five-year, $21.2 million contract and was not healthy or effective all season. He was bothered by an injured right knee – he says he played all season with a torn cartilage – and struggled to feel comfortable in the system. Holmes started all 16 games at defensive end but had only 56 tackles and 3.5 sacks. He did recover a team-high four fumbles.

Holmes was scheduled to cost $2.9 million on this year’s cap, and he had no choice but to rework his deal or else risk getting cut. The restructuring of Holmes’ contract lowered his cap number for this season to $1.7 million, which means the Giants save $1.2 million on their 2002 cap. Holmes will be able to recoup his money if he reaches certain incentives.

“Kenny just wants to show the Giants if he’s healthy this season – which he is – what they bargained for is what they’ll get,” Holmes’ agent Mitchell Frankel said.

Any day, the Giants will make official the cutting of guard Glenn Parker in order to save $1.4 million on the cap, which is the bulk of the $1.6 million needed to sign their seven draft picks.