Kerry Collins; Photo: Pinkus

Kerry Collins was officially released by the Giants yesterday, ending his 5 year stint at the Meadowlands. His release saves the Giants $7 million against the salary cap, and was imminent after meetings on Monday. The Giants were estimated to be $9 million under the cap for the coming season, and will likely spend the savings and cap room on signing their #1 draft pick, Eli Manning, and his backup. Names mentioned for the backup position include Neil O'Donnell, Damon Huard, Vinny Testaverde and Jeff Blake.

In Collins's career with the Giants, he started 68 of the 71 games he played in and threw for 1,447 completions, second in team history behind Phil Simms, and for 16,875 yards, third behind Simms and Charlie Conerly. Interestingly, Phil Simms was the last quarterback the Giants drafted in the first round, and while the Giants didn't technically draft Eli Manning, they certainly paid a high price for his rights.