Giants Restructure Two Defenders’ Contracts to Gain Cap Space

Adebo had a $6.25 million base salary, which comes to $367,647 per week. The Giants have paid out $2.205 million of that $6.25 million to Adebo so far.

Adebo has appeared in six games (all starts) and currently has 44 tackles, one tackle for loss, four pass breakups, and no interceptions.

He currently has an 89.8 NFL coverage rating and has allowed 63% of the pass targets against him to be completed, including one touchdown, per Pro Football Focus.  

Holland had a base salary of $317,647 per week; he has received $1.905 million so far. He has also appeared in six games so far, all starts, and has 28 tackles, three pass breakups, and no interceptions. 

Holland, per Pro Football Focus, has a 109.9 NFL coverage rating so far this season, having allowed 62.5% of the pass targets against him to be completed. He, too, has allowed one touchdown completion against him.

Before these restructures, the Giants had $473,899 in cap space available, last in the league. With the $4.8 million created due to the restructures, the Giants are now believed to have slightly over $5 million in cap space. 

The league minimum for players with four years of accrued service, as both Adebo and Holland have, is $1.170 million, or $68,823 per week. 

It’s not currently known whether the Giants dropped both players to the league minimum; the difference would have been converted into a signing bonus spread over the remainder of the cap. 

It's also not known if the space created is to accommodate an incoming trade for a wide receiver, which the Giants have reportedly been looking to acquire to bolster the depth of a unit that lost Malik Nabers for the season and whose WR2, Darius Slayton, is currently ailing with a hamstring injury suffered in the team's Week 5 loss to the New Orleans Saints.