Snee accepted a pay cut, lowering his salary from $7.2 million to $1.1 million plus another $1 million available in incentives, ESPN's Adam Schefter reported Monday.
Carrying an untenable $11.75 salary-cap number, Snee was amenable to a reduced salary after hip surgery and an elbow operation ended in 2013 season in October.
The Giants will save $1.775 million against the salary cap, but still face $6.45 million in "dead money" from Baas' contract.
Baas, 32, saw his body begin to break down last season. He was limited to just three games by knee and injuries.
Once those moves are out of the way, Reese can dive into the deep end of the free-agency pool, where's he expected to make a serious play for cornerbacks and tight ends.