Revisiting the New York Giants' Salary Cap Situation

Here is a look at where the New York Giants' salary cap currently stands and how they can gain more space.

Author:
Patricia Traina
Publish date:
Apr 17, 2023 11:10 AM EDT

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New York Giants

It's that time of year when the NFL draft is rightfully taking center stage. But never far from the discussion or the mind of New York Giants general manager Joe Schoen is the team's salary cap status, which continues to serve as the basis of what the team can and can't do moving forward.

According to Over the Cap, the Giants are currently projected to be in the red regarding effective cap space (-$748,731). That number, however, considers the cap figures of the top 51 players under contract plus the still as-of-yet 10-member rookie class, for which the Giants are estimated to need $2.953 million to sign. It also counts the $10.1 million franchise tag assigned to running back Saquon Barkley, even though Barkley has yet to sign it.

As far as total cap space goes, the Giants have approximately $2,204,392, an amount that may not be enough for them to get through the summer and upcoming season.

So once again, the Giants are in a position where they will need more space. Obviously reaching a contract extension with defensive linemen Leonard Williams ($18 million base salary, $32 million cap figure) and Dexter Lawrence ($12.4 million), as well as running back Saquon Barkley ($10.1 million).

Of those three, Lawrence is the most likely to get resolved first, which will open anywhere from $2-$4 million in breathing room for the Giants, depending on how the contract is structured.

With Williams, the team could be waiting to see how his neck issue, which bothered him down the stretch, resolves. Of course, at play here is whether Williams even wants to extend with the Giants or if he desires to hit the market next year when the final year of his deal voids.

It seems Barkley will play on the franchise tag unless he and his agent have an epiphany and realize that the market for running backs just isn't there this year.

Beyond those three players, the Giants have very few other options to get more salary cap space. Here are a few that might make the most sense at some point or another.

QB Tyrod Taylor

Cap Number: $6.9 million, Base Salary: $5.45 million

When the Giants signed quarterback Tyrod Taylor to a contract last off-season, they did so so that if starter Daniel Jones didn't work out, Taylor's contract would reflect the possibility of him being the bridge starter for the team.

Fortunately for the Giants, Jones did work out. And fortunately, they have a solid backup behind him still in Taylor. But the problem is that Taylor has a voidable year after this coming season, and the Giants no longer have Davis Webb on the roster. This is why it would be a stunning development if the Giants pass on adding a young developmental quarterback either with a draft pick or as an undrafted free agent.

And if the Giants do add a developmental prospect, chances are they won't have him completely ready to go by next year when Taylor's deal voids. Thus it makes perfect sense to see about extending Taylor's deal by another year or two--he has a $1.4 million prorated signing bonus as of now, so converting part of his $5.45 million base salary into a bonus shouldn't tip the scales that much.

This way, the Giants have a veteran on board for another season while they work toward developing a young prospect.

OG Mark Glowinski

Cap Number: $8.35 million, Base Salary: $4.65 million

Glowinski is signed through 2024, that 2024 season being a regular contract year instead of a voidable one.

While there is a case not to extend him, if the Giants like their younger talent and/or add to what they have along the interior offensive line, if the Giants wanted to lower his base salary to open up some space, they could do so.

For example, let's say the Giants were to lower Glowinski's base salary to the veteran minimum ($1.165 million), commensurate with his years of experience (eight).

That $3.485 million then gets split over 2023 and 2024 at the cost of $1.742 million per year, which, when added to the $1.5 million signing bonus, gives the Giants a little bit of breathing space with which to work.

CB Darnay Holmes

Cap Number: $2,940,972 Base Salary: $2.743 million

Last year, the Giants approached wide receiver Darius Slayton, whose rookie contract swelled thanks to play-time incentives, about a pay cut, which he accepted. Slayton went on to have a productive season and was rewarded with a new two-year contract.

This year, cornerback Darnay Holmes appears to be in the same boat. In this, the final year of his rookie deal, Holmes has a nearly $3 million cap number. It's certainly fair to wonder if the team is going to look to knock that figure down.

They could also look to upgrade the spot with a member of this historically deep cornerbacks group, which is the more likely scenario. It's not so much that Holmes, the team's slot cornerback, and 2019 fourth-round draft pick, has been awful.

However, two career interceptions (none last season despite an increase in coverage snaps) and an increase in penalties (team-leading nine flags, six of which were for defensive holding) would indicate that an upgrade would make sense.

K Graham Gano

Cap Number: $5.547 million Base Salary: $3.75 million

Graham "Mr. Reliable" Gano is under contract this season and has a voidable year in 2024, in which only $876,668 of dead money will hit the Giants' 2024. So long as Gano continues to perform at a high level--and there's no reason to think that he will stop any time soon--if you're the Giants, why not see if there's an interest in extending him now?

Granted, you probably wouldn't save a lot of money in the process, given he has a relatively low base salary, but every little bit helps, and it wouldn't be a case where the Giants would kill their cap with an extension for Gano.