Do the Giants have a healthy cap space situation heading into regular season?

New York Giants general manager Joe Schoen looks on during day two of training camp at the Quest Diagnostics Training Facility
Danielle Parhizkaran-USA TODAY Sports

The New York Giants have worked to improve their salary cap situation since general manager Joe Schoen took over last offseason. Schoen has put the team in a position to extend and acquire talent such as QB Daniel Jones, and TE Darren Waller. But entering the 2023 season, Big Blue is left with little cap space to manage. Yet, despite having only $5 million in salary cap space for the 2023 season, the Giants find themselves in a very healthy cap situation for the future.

PFF ranks the Giants’ cap health among the best in the NFL

According to Pro Football Focus, the Giants have the 10th-best salary cap health in the NFL entering this season. Where Big Blue really thrives is in its active draft capital, ranking second in that department.

The Giants have a high portion of their team under rookie contracts, indicating a tendency to draft well and build through youth. Per PFF, “there is a clear connection to forward-looking cap space here, especially in a three-year window.”

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Expiring contracts could shake up the 2024 offseason

Despite having a healthy cap situation, New York could run into some trouble next offseason. According to PFF, New York is projected to have the most expensive crop of pending free agents across the league in 2024.

“Interior defenders Leonard Williams and A’Shawn Robinson, cornerback Adoree’ Jackson, franchise-tagged running back Saquon Barkley and safety Xavier McKinney make up a big chunk of our list here,” PFF’s Brad Spielberger writes. “However, this is really our first sign that next offseason’s free agent class doesn’t project to be very loaded as more and more teams get early extensions done for key pieces.”

New York is projected to open the 2024 offseason with about $60 million in salary cap space. Of course, this money will dry up quickly as the team signs its rookie draft class, extends its in-house talent, and brings in any new acquisitions.

Ample space entering the 2023 season

While it may not seem like a lot, $5 million in salary cap space is an ample amount for a regular season campaign. The Giants have more than enough space to make any midseason moves that might be necessary in 2023. Typically, the money left over entering a regular season is just an emergency fund, utilized only when an injury is suffered at a crucial position and a free-agent replacement is necessary.

Additionally, Big Blue has a number of contracts that could be restructured to clear space for the season. QBs Daniel Jones and Tyrod Taylor both have contracts that could be restructured to clear up space while DL Leonard Williams and CB Adoree’ Jackson could be extended to save millions.

The Giants ultimately have a healthy salary cap situation entering the 2023 regular season. They have their key players under contract, plenty of players on affordable rookie deals, and enough space to make moves to extend and acquire talent in the future.