Ways Giants Can Clear More Salary Cap Space

The Giants STILL need to clear some cap space. Addressing the James Bradberry contract is one way, but what are some potential other options?

Giants general manager Joe Schoen is rightfully wrapped up these final few days before the draft in doing some last-minute film work, engaging in meetings with the coaches and scouts, and preparing for his first NFL draft as a general manager.

But looming not far from Schoen's mind is the Giants' still messy salary cap situation, which will take some creativity to resolve. 

That's because, as of this writing, the Giants, per the NFLPA public salary cap report, have $6.22 million in space--perhaps even less if the $1.2 million being held back until Logan Ryan's $3 million grievance is settled, and not counting the veteran salary benefit deal given to tight end Jordan Akins.

Regardless, the Giants aren't close to having enough money to sign their incoming draft class. To make matters worse, they're trying to avoid restructuring too many deals, which would result in the pushing of money into later cap years.

But through a combination of moves, as I'll describe below, they can get there.

The "Obvious" Move: CB James Bradberry

One move coming is a resolution with James Bradberry, which has been discussed for months. Cutting Bradberry would save the team $10,136,111 on the cap, with a $2 million credit (the amount of his guaranteed salary) due to hit the 2023 cap.

Trading Bradberry would result in a $13.4 million savings (his entire base salary). But thus far, Schoen has been digging in, determined to get something of equal or better value in return for the cornerback, whom he described as a "very good player."

The most likely scenario may have to be a restructuring, such as what I outlined in this article and which is reflected in the table below.

Over the Cap Contract Constructor

Vincent Carchietta-USA TODAY Sports

This plan would be an absolute last resort given that it puts dead money on the Giants' books through 2025 (even though the cap is expected to rise each of the next three years to where they should be able to absorb that hit.

This proposed restructure clears slightly over $9.273 million off Bradberry's 2022 cap figure. It's a bit of an extreme proposal, but desperate times call for desperate measures, and the $9.273 million-plus the estimated $6.22 million the NFLPA public cap report says the Giants have would give New York approximately $15.494 million of space.

That's more than enough to sign its rookie class while having some left over to get them through the weeks leading up to training camp should they want to add more free agents on low-cost deals.

But that's probably not enough to get them through the season, which is where some of these other moves might come into play.

The "Sorta Obvious" Move: Drop Darius Slayton

Bill Streicher-USA TODAY Sports

The Athletic reported that the Giants might be looking to trade receiver Darius Slayton, who carries a $2,598,721 cap hit in the final year of his contract and would yield a $2.54 million cap savings if he's moved.

Slayton's production has declined since his rookie season. While it's possible he could benefit from the new system, it's also worth noting that this year's draft class is loaded with receiver talent that can likely be had for a fraction of what it would cost to pay Slayton.

Although the $2.54 million isn't as large a chunk of change as what the Giants would gain with a Bradberry move, it's still something that could go toward the regular-season pot the Giants need to cover the cost of their practice squad and any weekly standard elevations made.

But here's the thing. Slayton has fought through injuries the last couple of years, and his production has declined, making the likelihood of there being any kind of robust market for him nil. As the Giants would save the same amount regardless if Slayton is cut or traded, it probably makes sense to let him compete in camp, and then, assuming the Giants do add another receiver in the draft, go from there.

The "Long Shot, but Possible" Move

Dennis Wierzbicki-USA TODAY Sports

Recently, whispers of the Giants wanting to trade out of the No. 7 spot have begun to pick up some steam, and there could indeed be a financial benefit to doing so, depending on how far down the Giants were to move.

For example, if New York works out a trade with the Steelers, a possibility if Steelers' general manager Kevin Colbert slip of the tongue comes to fruition. Using the trade value chart, let's say the Giants get Picks 20 and 52 and an extra second-round pick in 2023.

From a cost perspective, that breaks down as follows:

• The No. 7 pick would cost the Giants $5.13 million in 2022.
• The combined cost of picks 20 and 52 would cost the Giants $4,206,492 or $1.569,311 less than the No. 7 pick alone--plus the Giants get an extra pick in the top 100.

The "Hidden" Factor

Giants.com

Schoen's top priority is finding enough cap space to get the draft class signed and into training camp on time. But once that's done, he'll still need to find some additional money to operate throughout the year.

It's probably a safe bet that he doesn't want to have to restructure contract after contract, which is a big reason why the Giants are in this mess, to begin with.

But there is another way the Giants can get some extra operating funds, and that is once the initial 53-man roster and practice squad is set. There will be players whose salary cap hits get dropped from the books, and the cap space amount figures to rise.

We won't know what the Giants' final cap space amount will be until after the roster is trimmed from 90 to 53 and the practice squad is set, but it's worth noting that some of the veterans signed to contracts might not make the first version of the roster. With several veterans signed to minimum salary benefits, the Giants could get a few million back to work with.

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