New York Giants runningback Brandon Jacobs has been released because he and the defending Super Bowl champions couldn't reach an agreement on a new contract, according to reports.

Jacobs was due a base salary of $4.4 million and a $500,000 roster bonus for 2012. He said in February that he was open to taking a pay cut since the Giants needed to clear cap space, but he apparently wasn't willing to take as steep a pay cut as the team wanted.

The 29-year-old took a pay cut last year so the team could have the cap flexibility to re-sign his backfield-mate Ahmad Bradshaw. His $4.65 million base salary was reduced in return for a package of incentives that would allow him to earn most of that money back.

Jacobs, who rushed for 4,849 yards and 56 touchdowns (a Giants record) with New York, was arguably a key piece in helping the team win two Super Bowls in seven years. He and Bradshaw arguably became one of the most competent speed-power runningback tandems in recent years.

Jacobs played his entire seven-year career with the Giants and had his best individual season in 2008. He averaged five yards per carry, tallying 1,089 yards and 15 touchdowns in only 13 games.