Report: Giants, Leonard Williams “Not Close” on a New Contract

In the past, Giants defensive end Leonard Williams has said he would be open to remaining a Giant. And general manager Dave Gettleman, who made the bold move to trade for Williams despite the 25-year-old's pending free agency this year, has shared in that sentiment.

However, as March 18, the start of NFL free agency creeps ever so close, NFL Network insider Ian Rapoport is reporting that the two sides "are not close" on a contract extension and that the Giants, who have until March 12 to use the franchise or transition tag, could be looking at having to make such a move.

The #Giants have an interesting decision to make late this week: Do they franchise tag star DL Leonard Williams? Sources say the two sides are not close on a contract extension and Williams will have a strong market. The tag is a possibility, but so is letting him hit the market.
— Ian Rapoport (@RapSheet) March 9, 2020

The trade for Williams continues to be one of the most baffling ones made in the NFL in recent years, not only because the Giants gave up draft assets--a third-rounder this year and a conditional fifth next year that becomes a fourth if the Giants sign Williams to a long-term deal--but because when the trade was made, Williams was dealt to the Giants for the team's final eight games of the season without any hard assurance that he would sign with the team for the long term.

Although Williams has said that he is appreciative of the Giants for giving him a chance to quiet the naysayers who view him as having failed to live up to his draft pedigree--he was the sixth overall pick in the 2015 draft--it also behooves him to dip his toe into the free-agent market to gauge what his potential value is worth before rushing to sign long-term with the Giants.

Therein lies the problem for the Giants. If Williams isn't franchised tagged--and it would be surprising if the Giants go that route given the projected $15.5 million price tag--and if there is a robust market for his services, there's a chance the Giants could lose him, which would be a catastrophe given the draft capital they spent.

If the Giants apply the transition tag, projected to run around $12.3 million, the Giants will retain the right to match any offer Williams receives.

However, they would also be playing a somewhat dangerous game in that they'd be letting other teams establish the market value for a player the Giants reportedly view as a critical cog to their 2020 defense.

There's still time for the two sides to get a deal done, but if reports of there being a robust market shaping up for Williams prove accurate, don't expect it to be smooth sailing for the Giants in re-signing Williams.

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