Collins underperformed last season
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The New York Giants have released quarterback Kerry Collins after acquiring number one draft pick Eli Manning from San Diego.
The Giants on had asked Collins to restructure his contract so they could fit both players' deals under the NFL salary cap.
But Collins, expecting to lose the starting job to Manning for the 2004 season, refused.
Giants general manager Ernie Accorsi said: "Unfortunately, the economics of the system we work in today determine these most difficult decisions."
Collins, the team's starting quarterback since 1999, led the Giants to Super Bowl XXXV in 2001, where they lost 34-7 to Baltimore.
He began his NFL career as a first round draft pick with the Carolina Panthers in 1995.
Collins played seven games for New Orleans in 1998 before arriving at the Giants a year later.
After 123 career NFL games, he has a 55.8% pass completion rate for 26,383 yards with 132 touchdowns and 134 interceptions.
He is second on the Giants all-time list for completions, with 1,447.
The Giants finished 4-12 last year which gave them the fourth overall pick in last Saturday's draft.
Although Manning was chosen first by the Chargers he made it clear he would not sign, so San Diego swapped him for the Giants selection Philip Rivers.
Miami defensive end Adewale Ogunleye has threatened to sit out the season unless he gets an improved contract offer.
Ogunleye, who led the AFC last year with 15 sacks and made the Pro Bowl for the first time, has a one-year, $1.8m deal on the table but wants a more lucrative long-term contract.