The New York Giants have exercised a $5 million "buyback" option on quarterback Eli Manning, assuring that he'll remain under contract through the 2009 season.

Without the move, Manning would have been an unrestricted free agent, able to sign with any NFL team, after the 2007 season.

It was wrongly reported in New York on Monday that the Giants had extended Manning's deal through 2012. ESPN's Len Pasquarelli reported that Manning's original six-year deal signed before the 2004 season remains in effect.

Manning, 26, has earned $20 million in signing and roster bonuses in three seasons. He's 0-2 as a playoff starter.

Daily Journal, wire reports

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