“Huge Boost” Giants to Shed $47 Million in Cap Space Without Making Cuts

As of May 20, with the league having begun Organized Team Activities, the New York Giants are in last place in terms of cap space, with just over $1.126 available, according to Over the Cap.

But there are ways to raise additional funds that don’t need trading or cutting players off the team. General manager of the New York Giants Joe Schoen may still free up much to $47 million in salary space by rearranging senior contracts, according to Dan Duggan of The Athletic.

Duggan reported on May 15 that “the most obvious restructure candidates are linebacker Bobby Okereke (up to $4.5 million in cap savings), defensive tackle Dexter Lawrence (up to $3.7 million in cap savings), left tackle Andrew Thomas (up to $10.4 million in cap savings), and outside linebacker Brian Burns (up to $5.5 million in cap savings).

“Of course, restructuring quarterback Daniel Jones’ contract (up to $22.9 million) would result in the biggest savings, but that’s highly unlikely since that would push more dead money into the future when the team may be looking to move on,” the statement acknowledges.

Restructuring contracts carries risk, as Duggan hinted to in the Jones instance, which is why Schoen hasn’t addressed these five players to obtain an additional $47 million in cap room.

Restructuring pushes off financial commitments. They might also permanently bind a team to a player, losing the chance to back out of a contract.

For Jones, the potential future restrictions are probably not worth the approximately $23 million in 2024 that would be freed up. However, it’s a little strange that similar moves haven’t been taken with a core player like Thomas, Lawrence, or even Burns – unless Schoen is just waiting for Darren Waller to decide.

 

Reasons Darren Waller Might Be Putting Off the Giants’ Financial Decisions

As fans of the Big Blue team are aware, Waller has been considering retirement ever after the 2023 campaign ended. The great tight end has been putting off making a choice all offseason, although he did imply that he would decide before mandatory minicamp begins in June.

Waller’s retirement or release after June 1st would save the Giants a substantial sum of money. $11.625 million, precisely.

On May 20, Kris Knox of Bleacher Report named Waller’s exit as one of the top three opportunities for the NYG front management to free up payroll this summer, along with Jones and Thomas’ reorganization.

Knox wrote in the report, “The Giants must eventually decide how to handle tight end Darren Waller, who is thinking about retiring.” “New York isn’t looking to rush a decision,” to reiterate.

That being stated, Waller’s predicament might be impeding all contract talks.

Duggan informed readers with The Athletic that “general manager Joe Schoen will need to restructure other contracts if Waller returns.”

Later, it was added: “Even if he receives cap relief from a Waller retirement, Schoen could restructure those [four or five] deals to pursue an expensive free agent or two.”

If Waller decides to retire, there are still openings at tight end, running back, edge rusher, and cornerback on the roster. Schoen may simply be biding his time until the seasoned pass-catcher decides how much money he can afford to push into subsequent seasons.

Bleacher Report Names Andrew Thomas’s Contract Restructure with the Giants the Most “Attractive”

Thomas is the far more “attractive” alternative, even if Knox emphasized Jones’ deal as a potential restructure chance. This was acknowledged by the Bleacher Report expert.

“The key question with Jones is whether the Giants intend to carry over any additional bonus money into upcoming seasons,” Knox said. Prior to the injury, he had a difficult season the previous year, and New York currently has an out in 2025; his contract’s dead money will decrease from $69.3 million to $22.2 million.

The author went on, “Since left tackle Andrew Thomas has performed well enough to be around for the foreseeable future, restructuring his contract might be a more attractive option.” Although he has a contract that runs until 2029, his base pay of $14.2 million might be cut.