From Newsday:

The Giants exercised a "buy-back" of Manning's contract earlier this month, a move that keeps the fourth-year quarterback under contract through the 2012 season, Newsday has learned.

Had the Giants not made the move, Manning would have become a free agent after the 2007 season.

The move wasn't cheap.

According to league sources familiar with Manning's contract, the Giants gave him a $5-million buy-back bonus as well as a $3-million roster bonus.

His base salary for the 2007 season will be $6.45 million. It increases to $8.45 million in 2008 and $8.95 million in 2009.