American Football: Giants sign Peterson to an extension

In a move that solidifies one of their cornerback spots for the future, and keeps a key player under contract through the 2009 season, the New York Giants have reached an agreement with highly regarded three-year veteran Will Peterson on a five-year extension.

The deal came Saturday morning just after midnight, ESPN.com has learned, after long negotiations between the club and Peterson's representatives from Sports Advisors.

Financial details of the contract were not yet available, but in terms of "new money" the deal is expected to make Peterson one of the NFL's 10 highest paid cornerbacks in average annual compensation. He can also earn incentives that would move him into the top five. Peterson was entering the final season of his original NFL contract.

Certainly the organization viewed retaining Peterson with a long-term deal as significant to its future. The new coaching staff apparently has taken quickly to him and, so far, has been complimentary of his play in camp.

Peterson, 25, combines with fellow 2001 draft pick Will Allen to give the Giants one of the NFL's best young cornerback tandems. But he is a more physical player than Allen, a former first-rounder, and still has plenty of room to grow.

While Allen has struggled at times in camp with residual soreness from a foot injury that forced him onto injured reserve in '03, Peterson has demonstrated no lingering effects of a stress fracture in his lower back that limited him to only five games last season.

A former Western Illinois standout, Peterson was a third-round pick in 2001, and moved into the starting lineup for the Giants late in his rookie season. He has played in 33 games and started 22 contests, and has 122 tackles and three interceptions.