Joe Schoen Confirms Giants Have to Clear More Salary Cap Space to Make It Through 2022

The Giants have already made one move to clear some salary cap space that's something of a shocker.

Author:
Patricia Traina
Publish date:
Sep 1, 2022 5:59 PM EDT

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Only time will tell just how good the first-ever New York Giants roster assembled by general manager Joe Schoen, and head coach Brian Daboll turns out to be. Still, one can't help but wonder how much of a difference there might have been had the Giants had a healthier salary cap situation--and perhaps fewer injuries to work around.

Schoen and Daboll, who spoke with the media Thursday about a wide-ranging group of topics, are still making tweaks at the bottom of the roster and on the practice squad as other options become available.

"We’re just trying to get through today," Schoen said. "I just had to write down some of the potential practice squad moves we’re working on. We’re still trying to put the pieces together, so I don’t want to set any expectations."

While the 43-year-old general manager is in general happy with the roster that has been assembled, he added, "The situation that we’re in--I’m sure you guys will ask, but we’ll have to restructure something here going into next week. So, that’ll answer some of your salary cap questions. That’s something we’ll do."

According to Over the Cap, the Giants are currently $5.205 million in the red on their 2022 salary cap. They will need to adjust that by September 7, when the Top 51 rule expires, and all teams must pull their 53-man rosters, practice squads, and reserve lists to fit under the cap.

"We’re still working through a couple of different scenarios, so we’ll get where we need to get where we can get through the season. But the situation’s the situation. It’s the hand we were dealt, and we’re going to do the best we can with what we have. And again, that’s the waiver wire, the practice squad, whatever it may be, with what we can. We’re going to continue to try to compete and do the best we can."

Schoen didn't go into detail about the scenarios the team is working through, but one very strong possibility is that of defensive lineman Leonard Williams' contract.

Williams carries a team-high $27.3 million cap hit, including a $19 million base salary. By converting part of that base into a signing bonus and then tacking on a voidable year (Williams is signed through 2023), the Giants could realize significant cap savings that should give them enough breathing room to operate through the season.

Williams can benefit in that he’d receive the bulk of his $19 million base salary up front if it’s converted into a signing bonus. The Giants would obviously benefit from getting a lower cap number.

Williams’ $19 million base salary is fully guaranteed. So long as he’s receiving at least $19 million in 202, whether it’s cash up front or a P5 salary, the Giants will be able to meet the terms of the contract.

Here is a scenario that lowers Williams’ cap figure from $27.3 million to $17.996 million for a $9.304 million savings and includes the voidable year in which $4.666 million of the converted base into a signing bonus is accounted for.

Leo Williams Proposed New Contract — Over the Cap Contract Constructor

Because Williams’ 2023 cap is $1 million less than his 2022 figure, if the Giant were to follow this model, his cap figure would rise to $30.966 million, or roughly a $4.6666 million increase which shouldn’t be backbreaking for a player that has otherwise been productive as a Giant.

Nov 8, 2020; Landover, Maryland, USA; New York Giants inside linebacker Blake Martinez (54) celebrates after an interception against the Washington Football Team in the second quarter at FedExField. — Blake Martinez
Geoff Burke-USA TODAY Sports

One move the Giants did make is to release inside linebacker Blake Martinez, a key cog in the defense the last two seasons who was coming off a torn ACL and who just didn't seem like as good of a fit in defensive coordinator Wink Martindale's system.

However, Martinez, who in coming off an ACL tear agreed to a pay cut earlier this year to lower his 2022 cap figure, isn't yielding much in the way of cap relief. The linebacker was due a $1.25 million gauarnateed base salary this year, and had a prorated signing bonus of $6.25 million on the books.

He also had up to $1 million in per game roster bonuses due. That means the Martinez transaction will yield a savings of just $176,471 with a dead money hit of $7.5 million per OTC.