Assessing New York Giants' Free Agency Moves After First Wave

Let's look at what the Giants did in the first wave of free agency.

Author:
Quinn Slaven
Publish date:
Mar 22, 2023 10:00 AM EDT

In this story:

The New York Giants are ahead of schedule under the new regime’s rebuild and will look to add to the foundation built last season that saw the Giants finish 9-7-1 and with their first postseason berth since 2016.

With the first wave of free agency in the books, here is a look at what the Giants have done and how it benefits the team.

ILB Bobby Okereke

Inside linebacker Bobby Okereke received plenty of praise and speculation leading up to free agency. Some reports had him closing in on a deal with the Chicago Bears, the lead leader in salary-cap space.

Instead, he signed a four-year, $40 million deal with $22 million guaranteed with the Giants, making Okereke the 21st-highest-paid linebacker.

With a 4.5-second 40-yard dash speed, the 26-year-old plays sideline-to-sideline against the run and is one of the more effective linebackers in pass coverage. Last season, Okereke recorded a tackle on 16.5% of plays, the sixth-highest rate among players with at least 300 snaps. He has also defended 17 passes in four seasons.

He often catches ball carriers, allowing them to drive him backward for some extra ground, so short-yardage situations are not his strong suit.

The Giants landed among the five worst rush defenses in the NFL last year, so finding a solid off-ball linebacker was a priority from the start.

NT Rakeem Nunez-Roches

Former Bucs Super Bowl champ Rakeem Nunez-Roches appears ready to impact the Giants run defense after signing a three-year, $12 million deal.

Again, seeing Schoen address the rush defense as a top priority early in free agency was unsurprising. The Giants allowed 100+ rushing yards to opponents in 13 of their 17 regular-season games last year and 200+ yards in two. In the divisional playoffs, the Eagles ran for 268 yards, the Giants powerless to stop Kenneth Gainwell and Miles Sanders.

Nunez-Roches is a run-stopper looking to add depth, experience, and explosiveness to the Giants defense. He excels at clogging up the middle, getting low, and ripping underneath guards and centers. Though not a pass rusher--he’s only recorded 3.5 sacks in his career--he can, at the very least, help to set things up for others to get to the quarterback.

Nunez-Roches should see the field plenty in 2023, potentially drawing double teams and opening opportunities for fellow linemen Dexter Lawrence and Leonard Williams.

TE Darren Waller (Via Trade)

The Giants sent the second of their two 2023 third-round draft picks to the Raiders in return for 2020 Pro Bowl tight end Darren Waller, who ranks third among tight ends in catches and receiving yards since 2019.

The Giants will benefit from the veteran receiving target next year, as he provides a big target capable of doing damage in the red zone and up the seam. But it's fair to wonder if the Giants might have been better off drafting a tight end from a deep class and saving the money for another use.

Iowa’s Sam LaPorta and Oregon State’s Luke Musgrave are a couple of prospects that likely could be available on Day 2, and both have the potential to make an impact right away while playing on a rookie contract.

We don't hate the Waller move, but we question the expense, especially given his recent injury history and that he's on the wrong side of 30.

RB Matt Breida

Matt Breida will again join Saquon Barkley in the Giants backfield. Last year, Breida played in every game, including the playoffs, scoring one touchdown on 54 carries.

Breida has battled injuries throughout his career, potentially preventing him from maintaining a starting role. Last year was only the second time he remained available for every game in his six-year career.

Like Barkley, Breida has a balanced skillset as a runner and receiver. In the 2022 season, he caught 80% of his targets, offering quarterback Daniel Jones a check-down option when necessary.

Both Barkley and Breida fulfill the role of motion backs, moving from the backfield to a wide receiver position, creating a mismatch in the defense’s coverage.

Breida is a familiar piece of the New York offense, which represents added value over a rookie or free agent from another team. Ultimately, the $1.4 million deal for an RB2 is a great move.

WR Sterling Shepard

Wide receiver Sterling Shepard will attempt to return for an eighth season as a Giant, this time on a one-year contract. Battling injuries, the veteran played only three games last year due to a torn ACL, making his roster spot far from being a sure thing.

He signed a veteran minimum deal, making the transaction low-risk and high-reward. If he can shake off the ACL issue and return to form, Shepard has an edge in that he's a receiver with whom quarterback Daniel Jones is comfortable.

Still, even in a barren receiver market, the Giants did not appear to have much competition for Shepard. Few teams want to take a chance on a middle-tier veteran receiver. Shepard has never had a 900-yard season and has mostly regressed in scoring and receptions.

On a one-year contract late in his career, the 30-year-old is playing for his future in the league. If he can stay healthy, he’ll look to earn another deal in 2024, either in New York or elsewhere.

The Giants will give him a chance on a cheap contract and hope to benefit from a resurgence season, but expectations remain low.

WR Parris Campbell

The Giants signed former Colts wide receiver Parris Campbell to a one-year deal, incurring a cap hit of $4.8 million.

A second-round pick in 2019, Campbell played his first full season in 2022. He caught 97 passes and five touchdowns in four years as a Colt.

Campbell seems to be heating up. He reeled in 63 of his catches last season for 656 yards, placing him just behind Colts’ leading receiver Michael Pittman. Had he put up those numbers on the Giants last year, Campbell would have led the team.

Comparatively, Curtis Samuel caught 64 passes for 656 yards in the 2022 season. Samuel is on a three-year, $34.5 million contract.

The similarity between the two may say more about Samuel’s over-valued deal than Campbell’s potential, but Schoen managed to ink a far better deal for a young receiver on only his second contract.

It is also hard to properly evaluate the Colts’ offense with its carousel of quarterbacks and downtrodden franchise. With a stable coaching regime and quarterback on a new contract, Campbell has an ideal environment to take the next step in his progression.

Given the lack of free-agent options, Schoen’s task of acquiring receivers was especially tall. Still, Giants fans shouldn’t celebrate too hard until Campbell proves himself against the NFC East’s tough secondaries.

WR Jeff Smith

Former New York Jet Jeff Smith should feel at home playing in MetLife Stadium. Over four seasons, the 6-foot-1, 195-pounder has appeared in 36 games, recording 34 catches for 426 yards. He is yet to score a touchdown in the NFL.

Last year, Smith had 11 targets and eight receptions. Perhaps the Jets have underutilized the Boston College product. Still, the sample size of his professional tape is too small to know as he's primarily been a special teams contributor, which is his expected role with the Giants.

In college, he excelled at earning extra yards after catches and on jet sweeps. Despite having the best set of wheels in the 2018 Boston College receiver room, he had only one carry for negative yards on the Jets.

OLB Jihad Ward

Outside linebacker Jihad Ward played every game with the Giants last season. After reuniting with coach Wink Martindale, with whom he crossed paths on the 2020 Ravens, Ward had his best season. The seven-year veteran recorded career-highs in passes deflections, quarterback hits, tackles-for-loss, and forced fumbles.

Ward started 11 of 17 games, so he represents both a potential starter and an effective rotational player. Should the Giants target a linebacker in the draft, as some have predicted, Ward, as he did last year with Kayvon Thibodeaux, could help guide the young player along and spark competition for the starting spot.

This season, his cap hit is $1.04 million. Keeping a depth player on a cheaper deal is typically a win. While not a blockbuster move, it’s a great deal for a player with experience and reliable performance.

WR Darius Slayton

Many expected the Giants to remodel the wide receiver room in 2023, including moving on from Darius Slayton, the team's fifth-round pick in 2019, who led the team in receiving yards last year with 724 and tied for third in touchdown receptions with two.

Instead, the Giants gave Slayton a two-year, $12 million contract with $4.9 million guaranteed. Jones needs speedy receivers at his disposal, and a healthy Slayton has shown that he can be a deep, vertical threat.

He made the most of his 46 receptions last year, taking 12 over 20 yards and getting a first down 65.2% of the time.

Slayton’s best year came when he scored eight touchdowns as a rookie. Last year he hauled in a career-high 64.8% of his targets.

For immediate production and Jones’ long-term development, Slayton’s return is a welcomed surprise for Giants fans.

LS Casey Kreiter and P Jamie Gillan

The Giants reunited kicker Graham Gano with long snapper Casey Kreiter and punter/holder Jamie Gillan, who were unrestricted free agents.

While not flashy signings, fans and pundits often overlook the chemistry of specialist units. Gone are the days of backup quarterbacks holding for field goals. Now, most teams use punters as they can dedicate more practice hours to perfect timing with the kicker and snapper.

Meanwhile, snappers hone in on a kicker’s snap preference, carefully calculating the football’s rotations based on the distance to the holder to ensure the laces end up in the ideal position.

Gillan set his career-high average distance at 46.8 yards per punt and dropped 26 inside the 20-yard line. Neither stat sets him apart from the league, but he performs consistently, which is the highest priority for a specialist.

Kreiter’s $1.3 million deal, with only $352,500 guaranteed, is firmly in the middle of the road for long snappers. Similarly, Gillan’s $2 million contract isn’t breaking the bank.