According to ProFootballTalk.com, the next 7-10 days will be very critical for both the Giants and Cruz.
A source with knowledge of the situation tells PFT that talks are ongoing, and that the next 7-10 days are regarded as important to the objective of getting Cruz signed to a long-term deal with the Giants.
It’s unclear why the next week or so is regarded as important, since there are no deadlines or other milestones that compel an agreement by May 17. Presumably, the Giants and Cruz would like to have the player on the field for the bulk of the Organized Team Activities that cap the offseason program.
If Cruz and the Giants can’t work out a deal, he’ll have to decide at some point whether he’ll sign his restricted free agent tender or not. If he chooses to hold out, he won’t be fined since he’s not under contract. But he’ll have to report by week 10 of the regular season or else he won’t be able to become an unrestricted free agent after the season.