The New York Giants decided not to deploy either the franchise tag or the transition tag to lock in ascending safety Xavier McKinney for the 2024 campaign with free agency looming.
As the NFL new league year approaches on March 13, McKinney is expected to be one of the more highly coveted safeties in the league.
While the Giants retain McKinney’s exclusive negotiating rights until free agency gets underway, and could still work out a new contract, the decision leaves the door open for the 24-year-old to be playing elsewhere next season.
As CBS Sports points out, McKinney is the one free agent that the New York Giants "can’t afford to lose."
“Safety Xavier McKinney is one of his position’s elites,” Garrett Podell writes. “Pro Football Focus graded him as the NFL’s best safety in coverage (91.2 coverage grade) as he totaled three interceptions while not allowing any passing touchdowns in 2023. McKinney’s 41.4 passer rating as the primary defender in coverage ranked as the seventh-best in the entire league, regardless of position among the 146 players with at least 50 passes thrown their way last season.
“As an added bonus to the 24-year-old’s game, McKinney is one of only two players in the NFL to play every defensive snap in 2023 along with fellow Giants teammate, linebacker Bobby Okereke. Saquon Barkley was certainly in contention for this spot, but McKinney’s skillset is more valuable in 2024.”
McKinney is coming off a stellar 2023 campaign, finishing with a career-high 116 total tackles with one forced fumble and two fumble recoveries.
What is Xavier McKinney’s Market Value?
McKinney is certainly hitting free agency at the right time.
Especially after the Tampa Bay Buccaneers used the franchise tag to retain Antoine Winfield Jr., there’s little doubt McKinney will be the premier safety on the open market.
According to Spotrac, McKinney could command a five-year contract worth upwards of $52.4 million which would make him the eighth-highest-paid safety in the NFL, while averaging $10.4 million, annually.
As contenders with abundant cap space such as the Houston Texans and Cincinnati Bengals with a need at safety as well as the Washington Commanders and Chicago Bears each with over $50+ million to spend, there’s little doubt that McKinney will cash in this offseason.
How Much Cap Space Do the New York Giants Have?
The New York Giants would likely strongly prefer to ensure McKinney spends the foreseeable future in the Big Apple.
If general manager Joe Schoen and the Giants are interested in retaining McKinney, cap space shouldn’t be an issue, as New York is projected to have upwards of $41 million in spending flexibility this offseason.
A homegrown talent who has developed into a top player at his position, McKinney represents the type of player franchises typically don’t mind paying a premium for. Whether the New York Giants do, in this case, remains to be seen.
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