The COVID-19 pandemic is going to have a major impact on the revenue juggernaut the NFL has become. The salary cap, which has been increasing by an average of $10 million per year the past decade or so, is going to take a major hit due to the fact that no fans are likely to be in attendance for games this season.
“The NFL salary cap is close to being set for 2021 and teams will certainly have plenty of maneuvering to figure out,” writes CBS Sports’ Jeff Kerr.
“Jonathan Jones of CBS Sports is reporting the 2021 NFL salary cap floor will be set at a minimum of $175 million (raised from $165 million) via a league proposal to the NFLPA. This is a huge hit to the expected 2021 salary cap prior to the COVID-19 pandemic, which was estimated at $210 million. ”
When the 2020 salary cap was set at $198.2M, one could have est the 2021 cap would be at least $210M. Today's league proposal, if accepted, would set the 2021 cap floor at $175M. Who'd be impacted the most? Vets late in their deals and 3-4 yr players looking for second contract
— Jonathan Jones (@jjones9) July 24, 2020
What does that mean for the New York Giants? The same as it does for all teams. Veterans with huge cap hits on the back-end of their contracts will be scrutinized even further. Plus, young stars seeking long-term deals will be affected as there will be less money to throw around.
The Giants’ 2021 cap number is already high. Based on a cap ceiling of $175 million, they are only about $11 million under. They have over $165 million in commitments.
One thing is for certain, tackle Nate Solder, on the books for $20.5 million next year, will almost certainly be gone. The Giants will save $14 million by releasing him.
Another vet that could feel the pinch in wide receiver Golden Tate, whose 2021 cap hit is $11 million. They can save $6 million should they part ways with him. Guard Kevin Zeitler’s cap figure is $14.5 million and can save $12 million by cutting him, but that is unlikely to happen as Zeitler will be needed.
The Leonard Williams saga could end abruptly should he fail to impress this season, but it surely will end should he opt for free agency. No way the Giants sign him long-term if he doesn’t play at a Pro Bowl level this year. The other player who is likely to be affected is defensive lineman Dalvin Tomlinson, who is in the final year of his rookie deal this year.
Running back Saquon Barkley will get his fifth-year option picked up in 2021, but he may have to wait for his long-term, lotto-like deal because the Giants won’t likely be able to juggle that until 2022.
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