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Corey Webster will take pay cut from New York Giants

Corey Webster will earn less money next season, but he'll remain a member of the New York Giants.

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NFL.com's Kimberly Jones reports the team's best cornerback will take a sizable pay cut to stay in New York, according to a source familiar with negotiations. Webster's salary will be slashed from $7.25 million to $4 million.

It's not a surprise. Webster turned 31 this month and he's in the final year of the six-year, $44.02 million contract he signed in 2008. There's no way the Giants were about to dish out $7 million-plus to a player in decline.

Pro Football Focus notes that opposing signal-callers sported a 106.6 passer rating when throwing in Webster's direction in 2012. He was taken to town too often by receivers, but has been a fixture in the Giants' secondary since taking over the starting role in 2008. Webster hasn't been the same guy over the past two seasons, but he'll stick around for at least one more campaign.

Webster isn't the only Giants player redoing his contract. Ralph Vacchiano of the New York Daily News cited a league source reporting that David Baas has agreed to restructure his deal, effectively lowering the veteran center's 2013 base salary from $4.25 million to $1.25 million. It's the second straight season Baas has agreed to restructure after starting all 16 games for the Giants last season. The source said Baas will receive the remaining $3 million as a bonus.

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A league source also told Vacchiano that safety Kenny Phillips is unlikely to re-sign with the team before hitting the open market. The Giants floated an offer to Phillips, but it was far too low, according to the source. Phillips might be a goner, one reason the Giants are looking into Charles Woodson.

Vacchiano estimates the Giants have opened up $9 million in salary-cap space with Thursday's moves, giving the Giants a little more wiggle room as free agency approaches.

Follow Marc Sessler on Twitter @MarcSesslerNFL.

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