In a move that pretty much makes official what was clear back in February when Jake Ballard tore his anterior cruciate ligament in Super Bowl XLVI, the Giants have waived Ballard with a failed-physical designation.
The transaction means Ballard is headed to the physically-unable-to-perform/reserve list once he likely clears waivers. The third-year tight end will likely eventually be placed on injured reserve, where he'd then remain for the entire season.
This was a procedural move so the Giants could free up a roster spot while keeping Ballard, assuming he clears waivers. With Ballard likely on the shelf for 2012, the TE looks in New York will be up for grabs between newly signed Martellus Bennett, Travis Beckum and Adrien Robinson.