Cruz, 30, was due to count $9.4 million against the cap next season and $8.5 million in 2018. Cutting him now saves the Giants $7.5 million against the cap.
Cruz also shared his thoughts on Monday on parting with the Giants:
"No long paragraph for all to read, just simply THANK YOU! To the @nygiants organization and to the amazing fans that have watched me grow up in front of their eyes. THANK YOU!!"
Source: Instagram
Source: Instagram
Source: Instagram
Cruz made a comeback in 2016 after two career-threatening injuries in 2014 and 2015.