For all of those pundits, and defensive-line needy personnel directors hoping that the cap-strapped New York Giants would soon release end Kenny Holmes to create some wiggle room under the NFL's spending limit, this message.

Forget about it.

Despite a 2001 season in which he rated as one of the most disappointing of all veteran free agents who changed teams last summer, Holmes will be back with the Giants for the 2002 campaign. That was assured this weekend when the club and the seven-year veteran defensive end reached agreement to restructure the 2002 portion of his contract.

The maneuver dropped Holmes' scheduled cap value for the '02 season by $1.2 million, from $2.9 million to $1.7 million. Coupled with the pending release of offensive guard Glenn Parker, which is expected to come Monday, the Giants should generate enough salary cap relief to be able to sign their draft choices and perhaps pursue a lower-priced veteran free agent.

The remaining three seasons of Holmes' contract, 2003-2005, were not affected by the restructuring. He is still scheduled to earn base salaries of $3.25 million (2003), $3.35 million (2004) and $3.75 million (2005). There are roster bonuses of $500,000 for 2003, and $1.25 million each for 2004-2005. There is also a $500,000 reporting bonus in '03.

There had been much speculation that Holmes, who signed a five-year, $21.252 million contract with the Giants as an unrestricted free agent last summer, might be released as a post-June 1 salary cap casualty. Certainly he did little in his first season with the Giants to live up to the lofty contract awarded him, as he collected just 40 tackles and 3½ sacks, with one forced fumble and three passes defensed.

Holmes, 28, was actually exposed by the Giants on their expansion list in February, but the Houston Texans ignored him. The former Tennessee Titans starter played much of the 2001 season with a knee injury, but he still started all 16 games, and Holmes seemed to be fully recovered in recent workouts.

A former University of Miami standout, Holmes was selected by the Titans in the first round of the 1997 draft. He was a good, but not an outstanding player his first three seasons, then enjoyed a seeming breakout campaign in 2000, when he posted eight sacks to go with 76 tackles.

That performance made Holmes one of the top unrestricted free agents in the 2001 pool and the Giants won the bidding for his services. For his career, Holmes has appeared in 74 games and started 50 of them. He has 230 tackles and 25 sacks.

Len Pasquarelli is a senior writer for ESPN.com.