New York Giants general manager Joe Schoen has his team in an excellent financial position entering the offseason. Per Pro Football Focus, the Giants have the most effective cap space between now and 2024. This offseason, the Giants have the third-most effective cap space in the NFL, giving Schoen plenty of money to spend on in-house talent in addition to free agents.
How much money do the Giants have to spend in 2023?
The New York Giants are projected to open the 2023 offseason with the third-most cap space in the NFL. New York is projected to have roughly $54 million in cap space, with $43 million in effective cap space (OverTheCap). The Giants do have the potential to increase that amount, however.
Kenny Golladay, Leonard Williams, Adoree’ Jackson, and Graham Gano could all be released for cap savings this offseason. Kenny Golladay is almost certainly a goner, as releasing the free-agent bust will save $6.7 million in cap space while eating $14.7 million in dead money.
Leonard Williams admitted that he would “consider” taking a pay cut in order to stay with the Giants. Considering the 28-year-old defensive lineman has a $32 million cap hit this season, his contract will undoubtedly be adjusted. Releasing Williams would free up $12 million in cap space, but incur a penalty of $20 million in dead cap. A potential contract restructuring could save the Giants over $8 million, per OverTheCap.
Adoree’ Jackson is unlikely to be released as the team’s top cornerback. However, releasing Jackson would save the Giants $9 million in cap space with a $10 million dead cap hit. Graham Gano is also unlikely to be released but the team could save $2.8 million by cutting the premier placekicker.
$43 million in cap space seems like a lot, especially considering the Giants have a slew of players they can release or restructure to free up additional space. However, the Giants’ money is going to dry up rather quickly. Extensions for Daniel Jones, Saquon Barkley, and Julian Love are being actively negotiated, and other players like Dexter Lawrence, Andrew Thomas, and Xavier McKinney also have extensions on the horizon.
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