New York Giants’ Salary Cap Situation and Contract Trends Revealed
The New York Giants have approximately $6 million in salary cap space, excluding their draft class, which will account for another $6 million. To navigate the season successfully, the Giants will need to create more cap space. One potential source of relief would be resolving the uncertain fate of tight end Darren Waller. If Waller retires or is released before June 1, the Giants would create $6.7 million in cap savings. However, if Waller retires after June 1, the team would save $11.6 million. Waller’s decision is still unknown, but if he does retire after June 1, it would allow the Giants to avoid making other moves to create cap space.
If Waller returns, General Manager Joe Schoen will need to restructure other contracts to free up cap space. Left tackle Andrew Thomas, outside linebacker Brian Burns, linebacker Bobby Okereke, and defensive tackle Dexter Lawrence are potential candidates for restructuring. The largest savings would come from restructuring quarterback Daniel Jones’ contract, but that is unlikely given Schoen’s patient approach this offseason.
In addition to restructuring contracts, the Giants could create cap space by trading wide receiver Darius Slayton, which would save them $4 million, or cutting cornerback Nick McCloud’s pay, which could yield $1.9 million in savings. McCloud’s contract comes with no guaranteed money, allowing the team to negotiate a pay cut before the season if he hasn’t secured a prominent role.
When it comes to contract details, it is common for initial reports to inflate the overall value. However, in the case of Drew Lock’s contract with the Giants, the initial reports actually underestimated its true value. Lock signed a fully guaranteed one-year, $5 million contract in March, but the $3 million he can earn through incentives was not initially reported. These incentives are based on playing time, individual performance, and team success. It is worth noting that Lock’s contract does not indicate anything definitive about his role as a starter or backup.
The Giants made a more cost-effective investment at running back this offseason by signing Devin Singletary to a three-year, $16.5 million contract. In comparison, Saquon Barkley departed for a three-year, $37.8 million contract from the Eagles. Singletary’s contract includes up to $1 million in incentives based on playing time and performance, while Barkley’s incentives last season totaled only $909,000.
In terms of contract construction, General Manager Joe Schoen has been consistent in his use of workout bonuses and a “flatter” structure for significant deals. However, one notable change this year is the increased usage of one-game roster bonuses. Several players, including Allen Robinson and Darnay Holmes, will earn a bonus if they are on the active roster for one game this season. These bonuses are part of veteran salary benefit deals, which count against the cap at the same rate as a minimum contract for a second-year player. This change allows the Giants to allocate additional compensation without fully guaranteeing it in a signing bonus.
Overall, the Giants’ salary cap situation and contract trends indicate a strategic approach to managing their finances while maintaining flexibility for future moves. By restructuring contracts, making potential trades or cuts, and structuring contracts with incentives, the Giants are positioning themselves for success both in the short term and long term.