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As Profootballtalk.com's Mike Florio first reported Monday morning, Victor Cruz and the New York Giants have agreed on a long-term contract extension. The list of those now confirming Florio's initial report includes FOXSports' Jay Glazer, ESPN's Ed Werder and NFL.com's Aditi Kinkhabwala.

When Cruz officially signs the deal, which will happen later today or on Tuesday, he’ll immediately earn just under $10 million.

Nearly all of the guaranteed money, reported by Glazer to be $15.6 million, will become fully guaranteed within roughly the next three weeks, a source with knowledge of the terms of the deal told Florio.

The new money is $43 million over five years, for an average of $8.6 million annually. Factoring in the one-year, $2.879 million restricted free agency tender, Cruz will make $45.879 million over six years, with an average of $7.64 million over the six years.

As Florio noted, "Not bad for a guy who was undrafted, and who spent most of his rookie season injured."

Kinkhabwala reports that the Giants have not changed their offer to Cruz since he signed his tender. Kinkhabwala reports it is the same offer that's been on table since Cruz signed the tender back on June 14.

According to NFL.com's Gregg Rosenthal, the contract is a win-win for both sides. The extension can be advertised as worth $8.6 million annually by Cruz's agent, which puts him knocking on the door of a top-10 receiver. In reality, the entire six-year deal is a team-friendly contract worth under $8 million-per-year.

"Most importantly," Rosenthal explained, "Cruz gets long-term financial security that is hard to find for an undrafted player who mainly lines up in the slot. He eliminates much of the risk of a value-changing injury in 2013. And the Giants get a great starter at what could be seen as a No. 2 wide receiver price, while the Giants eye an even bigger deal with Hakeem Nicks next year. ..."

Meanwhile, it's worth noting that Cruz had another solid year in 2012 despite defenses getting more physical with him at the line of scrimmage, and with Nicks at less than full speed and unable to draw the attention of opponents.

A healthier Nicks could open things up more for Cruz, who remains a high-end fantasy WR2.