1. I don't really see Eli becoming the greatest force this year or next and with rookie bonuses still in effect, I don't want to have 900 bucks tied up in a QB who performs like a QB #2.
2. In my mind Calvin Johnson and Michael Vick > Eli Manning. By cutting Manning, I will be able to promote CJ to active later (if I wish) and have a great QB #2 at a great price for years to come. I look at what some of the other QB's are going for and Vick at 220 is great value IMO.