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Jacobs Contract Update

From NY Daily News:

Jacobs said he has “no idea what’s going on” with talks on a new contract, but he said he’s “confident” that he and the Giants will reach an agreement before he becomes a free agent on Feb. 27.

“I really want to be back,” he said. “I’d be fairly upset and angry if I’m not back, because that’s where I want to be. That’s the team I want to play on. ? I have no idea what’s going on there (but) I’m confident. When you know it’s something that you want, you just put it on the line and come out and get it done.”

According to a source familiar with the situation, there have been no substantive talks between Jacobs and his agents, though they have had some conversations and both have an idea where they stand. Jacobs has told several people he’s looking for a deal similar to the seven-year, $45 million pact the Dallas Cowboys gave running back Marion Barber that included $16 million in guarantees.

At the moment, it does not appear the Giants are willing to go quite that high. It’s not clear how much they’re offering, but one source said their current plan is to offer considerably less. Their offer is also likely to be incentive-laden since they’re concerned over how injury prone Jacobs is.

There is also a slim possibility that the Giants could slap either the “franchise” or “transition” tag on Jacobs. But the Giants haven’t used either since 1996, and it would clearly cause some hard feelings with Jacobs if they did it now.

“I would be angry,” he said. “It would probably cause some problems. But it’s nothing that we couldn’t deal with.

Under the franchise tag, Jacobs would be guaranteed $6.621 million in 2009 – the average of the salaries of the five highest-paid running backs in the NFL last season. He could then solicit offers from other teams, but the Giants would have a right to match and would get two first-round picks as compensation if they didn’t.

Under the transition tag, Jacobs would be guaranteed $5.925 million in 2009 – the average of the salaries of the 10 highest-paid running backs in the NFL last season. The Giants would still have the right to match any offer Jacobs receives, but they’d be due no compensation if they didn’t.

Jacobs doesn’t anticipate either of those happening.

“I don’t think the Giants would put that high of a number against the cap,” he said. “I don’t anticipate that at all. I’m confident something will get done.”

The Giants, by the way, haven’t used either tag in more in than a decade. The last time they used the “transition tag” was in 1996, when they slapped it on RB Rodney Hampton. They also “transitioned” TE Howard Cross in 1994 and LB Carl Banks in 1993.

They’ve only used the “franchise tag” once in their history – – in 1993, on LT Jumbo Elliott.

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