Not much of true holdout since 1) he is not under contract, and 2) he can't sign a multi-year contract after a certain date anyway (July 15?). If he doesn't sign until he passes a physical, the effect is the same as being on the NFI - he can't play and isn't getting paid. He just won't attend meetings and the rehab gets done outside the team. He's in full control of not getting paid. The only thing I can think of is that he is trying to negotiate some sort of deal where he gets the Giants to agree to give him something instead of nothing when he is on the NFI list.