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What it means for fantasy owners isn't as clear. Vereen will serve as a change of pace in a backfield that already includes Rashad Jennings and Andre Williams.
Vereen was an unrestricted free agent for the first time this offseason after spending the past four years with the New England Patriots. He entered the market with his value at an all-time high, coming off a season in which he played in every game and totaled 11 receptions in New England's Super Bowl XLIX victory.
The 26-year-old played 52.9 percent of the Patriots' offensive snaps in 2014, which was the highest percentage among the team's backs. As ESPN.com notes, his ability to run precise routes, reliability catching the football and willingness and effectiveness picking up the blitz made him a vital cog in New England's offense.
The 5-foot-10, 205-pound Vereen totaled 99 receptions over the past two seasons. In 2014, he rushed for 391 yards on 96 carries with two touchdowns.
A second-round draft pick in 2011, Vereen is known more for his elusiveness than ability to create after contact, as evidenced by his 1.23-yard average after contact in 2014, which ranked 69th out of 73 running backs with at least 50 carries, according to ESPN's Stats & Information.
According to NFL.com's Gregg Rosenthal, adding a player along the lines of Vereen was a priority for the Giants.
But will their desire for a third-down threat translate into fantasy production?
The Giants have relied on a run-first approach for years. Jennings, Vereen and Williams are a versatile group. While Vereen doesn't run well between the tackles, that's not what his role will be under Tom Coughlin. The question is whether the creative McAdoo can find ways to use him beyond the traditional third-down role?
It's something we'll all be watching for as the team begins OTAs and mini-camps in coming weeks. ...
Meanwhile, it's a significant loss for the Patriots.
As Rosenthal suggests, they might not have won the Super Bowl if not for Vereen's efforts. Vereen had successfully replaced Patriots legend Kevin Faulk as the go-to third-down back since getting taking in the second round of the 2011 draft. He had 99 catches over the last two regular seasons and a career high 838 yards from scrimmage this season.
The Patriots don't usually believe in paying big money to running backs, with Corey Dillon being a notable exception. They have won Super Bowls with Antowain Smith and LeGarrette Blount leading the way. Still, this is a position of transition in New England.
They will surely be looking to free agency and the draft for depth with Blount the top returning back. Stevan Ridley, coming off a torn ACL, is also a free agent.