The Giants have reportedly converted the bulk of safety Logan Ryan's 2021 base salary into an up-front signing bonus to clear out more space ahead of the expiration of the Top 51 rule this week.
Ryan was due to earn a $5.5 million base salary this year under the contract extension he signed last December. While his new base salary hasn't been confirmed just yet, the lowest base salary the nine-year veteran can earn under the terms of the CBA is $1.075 million, the minimum.
If that's indeed Ryan's new base salary, that means $4.425 million was converted into an upfront signing bonus which will prorate over the life of the contract at an annual rate of $1.475 million.
That would also mean the Giants are saving $2.95 million with the move if the team did indeed lower Ryan's 2021 base salary to the NFL veteran minimum.
Before the reported adjustment of Ryan's 2021 salary, Over the Cap had New York's cap space as being $6,210,185 in the red, a figure reflective of the end of the Top 51 rule, which expires league-wide Thursday.
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