How does the Giants cap look now with Strahan going into retirement. Does it basically erase the 4 million that he was suppose to make?

Yes as the giants get back his salary for 2008; but accelerate any bonus money in future years (which is none)

The Giants have $4mil to play with; so we could look at bringing in another player (either FA or Trade) or extend the contracts of Snee and Jacobs (although I suspect there was already money allocated for this).