EAST RUTHERFORD, N.J. - Eli Manning will be under center for the New York Giants for at least three more years.

The Giants on Monday officially established their long-term commitment to Manning, exercising a “buy-back” option on the quarterback’s current contract.

As the top overall pick in the 2004 draft, Manning signed a six-year contract ranging from $45 million to $54 million.  The deal, which included a rookie-record $20 million signing bonus, contained an incentive clause that allowed Manning to void the final two years.

To guarantee Manning’s future with the team, the Giants added the “buy-back” option, a clause which permits the team to buy back the 2008 and 2009 seasons for a reported $5 million.

Manning’s contract was scheduled to end after the 2007 season, when he could have become a free agent.  But the Giants decided to stick with the 26-year-old, who is coming off a 2006 campaign marred by inconsistent and lackluster play.

Despite leading New York to an 8-8 record and its second consecutive postseason berth, Manning struggled in his second full season as a starter, passing for 3,244 yards, 24 touchdowns and 18 interceptions for a 77.0 rating.

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Manning showed flashes of brilliance in 2005, throwing for 3,762 yards and 24 TDs to lead the Giants to the NFC East Division title.

The San Diego Chargers initially selected Manning with the first overall pick against the wishes of his family.  Giants general manager Ernie Accorsi jumped at the opportunity to acquire the quarterback but paid a steep price.

The Giants sent quarterback Philip Rivers - the fourth overall pick - and three other draft picks, including a 2005 first-round selection - to San Diego.