Sources close to the Giants organization almost all say Cruz has nothing left in the tank, and is no longer anything like he was in his better days. His case is similar to Dwayne Bowe's, formery of the Chiefs: a permanent fixture for years, productive, reliable - but his body has broken down and his athelticism has gone. It may be worth bringing him in for a look... but I don't think it's wise to expect anything. His NFL career may very well be over.
When you have two guys like Wallace and Perriman, you don't necessarily need a Cruz. You need a slot guy. A strong down the middle receiver. I just think that's Joe's Pitta connection. You don't see him hit many other guys in the middle. Aiken did some of that, but even he was unreliable. How many times did he get hit in the numbers and drop the ball? He'd still be here if he had been a more reliable connection.