Giants Considering Transition Tag for Xavier McKinney? How It Works and What It Means

When it comes to a pending free agent who just completed the rare feat of playing every single snap for his team, you might as well consider using a rare mechanism to ensure you at least have a chance at retaining his services, right?

That's reportedly something the New York Giants are considering doing with safety Xavier McKinney, one of two potential big-ticket free agents of their 29 total who seems to be itching to test the market to find his true value.

The New York Post reported that the Giants will attempt to reach a new agreement with McKinney's representation (David Mulugheta of Athletes First) during next week's scouting combine, but if the two sides, believed as of now to be miles apart, can't accomplish that, New York will apply the seldom used transition tag on McKinney.

The transition tag, which comes at a much lower cost than the more popular franchise tag, allows a player to test the free agency market but also ensures that his original team gets five days to match any offer sheet the player receives elsewhere.

If the player elects to play on the transition tag, he, as is the case with the franchise tag, will receive a fully guaranteed deal for one season.

Cost-wise, the transition tag is cheaper than the franchise tag because the former compensates players based on the average of the top 10 salaries at his position. In contrast, the latter compensates players based on the average of the top five at his position.

In the case of McKinney, the transition tag would pay him an estimated $13.957 million for one year if he signed it, versus the franchise tag, which would pay him an estimated $16.224 million if he were to play on that.

Like the franchise tag, the transition tag's dollar amount automatically comes out of the team's allocated salary cap space, regardless if the tag is signed. If a player signs an offer sheet not matched by his prior club, the original team gets a full cap credit.

The 2024 deadline for players on the transition tag (and the franchise tag) to sign an offer sheet with another team is 4:00 p.m. ET on July 24.

The drawback to using the transition tag--and one of the main reasons why teams don't like to use it --is that if a player signs an offer sheet with another team that the original club can't or won't match, they will not receive any compensation from the new team, unlike the franchise tag which provided for two first-round draft picks if another team signs a franchise-tagged player to a deal.

The transition tag can also be rescinded at any time, the funds then reverting to the team's cap space pool. In this instance, the player would automatically become an unrestricted free agent.

McKinney has made no secret of his desire to be paid his worth and has considered himself to be one of if not the top safeties set to hit the market. While his production would suggest that he's definitely in the upper echelon of his position group, a player's perceived worth often doesn't always align with how the market views his value, which can lead to disappointment on the player's part.

The Giants have until March 5 to decide whether to use the franchise or transition tag--they can only use one--on any of their pending free agents.

The 24-year-old McKinney, according to Spotrac, has an estimated market value of $10.4 million per year based on a five-year, $52.4 million contract. Such a deal would land McKinney eighth among the highest paid at his position.

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