The New York Giants have made a slew of moves this offseason, bringing in some mid-level free agents and drafting and signing two dozen or so rookies.
They began the NFL new year with over $60 million in salary cap space and have used most of that frugally (with the exception of placing the franchise tag on Leonard Williams).
So, how much financial latitude do the Giants have at this moment? They have a full roster of 90 players and have available cap space of $16.661 million (15th overall in the NFL), according to Over the Cap.
That number does not include nine of their 10 draft picks who remain unsigned. OTC estimates that will take up another $12.914 million, but that figure will be defrayed by the salaries of the players the Giants need to cut to make room for the draftees.
What other relief can the Giants’ get towards the cap you ask? Well, they can cut some veterans to free up some space but looking at their roster, there’s not a lot of fat to be trimmed.
Williams’ yearly number ($16.126 million) can be radically reduced by signing him to a long-term deal with back-loaded money. That could result is several million in cap relief.
They can also cut some veterans such as center Spencer Pulley. The Giants would free up $2.75 million in cap space by cutting him, with no dead money attached.
However, cutting Pulley would rely on several things happening. Last year’s starter, Jon Halapio, would have to be re-signed to a low ball deal as he is still rehabbing from an Achilles injury. Also, rookie Shaun Lemieux or Nick Gates would have to prove they can handle themselves at center.
Te obvious cut would be left tackle Nate Solder, who is the Giants’ highest-paid player and may not be a starter come midseason if rookies Andrew Thomas, Matt Peart and free agent Cam Fleming outplay him. Cutting Solder has its downside, however.
“Since it would be a post-June 1 cut, free up $10 million in 2020 cap space, with $9.5 million in dead money,” writes Darryl Slater of NJ.com. “But they’d also have to absorb a $6.5 million dead money hit next season — the final year of Solder’s contract — because a post-June 1 cut spreads out the dead money like that.”
The Giants only have four other players with cap hits over $10 million and two of them are recently signed linebacker Blake Martinez and cornerback James Bradberry, so they aren’t candidates. The other two are veteran wide receiver Golden Tate and right guard Kevin Zeitler. No way they touch either one of those contracts this year.
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