Giants Can Still Shed $47 Million in Cap Space Without Making Cuts
Giants can still restructure veteran contracts to save up to $47 million in 2024.
Getty The New York Giants have some financial decisions to make in the upcoming weeks and months.
As things stand on May 20 — with Organized Team Activities now underway around the league — the New York Giants are dead last in cap space with just over $1.126 available according to Over the Cap.
There are opportunities to free up more money, however, and they do not involve making any roster cuts or trades. Per The Athletic’s Dan Duggan, NYG general manager Joe Schoen can still shed up to $47 million in cap space just by restructuring veteran contracts.
“The most obvious restructure candidates are left tackle Andrew Thomas (up to $10.4 million in cap savings), outside linebacker Brian Burns (up to $5.5 million in cap savings), linebacker Bobby Okereke (up to $4.5 million in cap savings) and defensive tackle Dexter Lawrence (up to $3.7 million in cap savings),” Duggan reported on May 15.
Acknowledging: “Of course, the biggest savings would come from restructuring quarterback Daniel Jones’ contract (up to $22.9 million), but that’s highly unlikely since that would push more dead money into the future when the team may be looking to move on.”
As Duggan alluded in the case of Jones, restructuring contracts doesn’t come without risk and there’s a reason Schoen hasn’t approached these five veterans in order to secure another combined $47 million in cap space.
Restructures kick financial obligations down the road. They also might tie a franchise to a player long-term, squandering an opportunity to get out of a deal.
When it comes to Jones, freeing up nearly $23 million in 2024 probably isn’t worth the future constraints. But with a foundational piece like Thomas, Lawrence or even Burns, it’s somewhat surprising these moves haven’t been made — unless Schoen is simply waiting on Darren Waller to make his decision.
