Giants Waive CB Will Peterson, Sign QB Rob Johnson

New York Giants Waive CB Will Peterson: The Giants have officially announced that they have waived CB Will Peterson after he failed his latest physical. Peterson had suffered stress fractures in his back two of the last three seasons, causing him to be placed on Injured Reserve in both 2003 and 2005. Last season, the injury-prone Peterson played in only two games and he missed 30 of his 82 games with the Giants in five years. Peterson was originally drafted in the third round of the 2001 NFL Draft by the team. He had signed a big 5-year, $27 million contract extension before the 2004 NFL season. The deal included a $5 million signing bonus and a $5 million option bonus. Peterson’s base salary figures were set to be $2 million 2006, $2.9 million in 2007, $3.4 million in 2008, and $3.768 million in 2009.

“This is a very disappointing development for our ball club,” said General Manager Ernie Accorsi. “Will Peterson was a rising star cornerback and just ran into very tough luck last year with the back injury. We wanted to wait as long as we possibly could on his recovery. We just had him here for a battery of tests and reached the conclusion that we could not wait any longer. He was a fine young player for the Giants and I personally really hate to see him go.”

Giants Sign QB Rob Johnson: The Giants have officially signed unrestricted free agent QB Rob Johnson, who sat out the past two seasons while recovering from arm surgery.

“We needed to add veteran depth at quarterback,” Accorsi said. “Rob hasn’t played in a while because he was recovering from Tommy John surgery. But he has won in this league, is in great shape and threw the ball well in his workout. He should be ready go and fully recovered by training camp. You need depth at that critical position.”

Giants Cut DT Junior Ioane: Though not officially announced, according to ProFootballWeekly.com, the Giants have waived DT Junior Ioane. The Giants just signed Ioane on Wednesday, May 24.