Giants add $10 million in available free agency funds after NFL boosts salary cap by $30 million

giants, joe schoen

The New York Giants gained $10 million in additional salary space after the NFL announced a record-breaking $30 million increase in total cap space this off-season. From an estimated $245 million, teams will now have $255 million available to spend on their rosters.

The Giants entered Friday with just under $20 million in financial freedom but now have $32.8 million in team cap space they can use in free agency.

Giants’ Strategic Financial Planning

Of course, they have some big deals bogging down the roster, notably that of Daniel Jones. Jones has a $47.1 million salary hit, but the Giants can take the out in his contract next off-season, counting $22.2 million in dead money. Still, that would open up $20 million in salary space, but they can spread out the salary hit over the final two years of his contract, maximizing that window and clearing $30 million if desired.

Considering how many needs the Giants have across the board, free agency will be imperative to their roster construction. Investing in the offensive line, finding a quality pass-rusher, and adding a veteran cornerback are all priorities. Not to mention, they have to make big decisions on Saquon Barkley and Xavier McKinney’s future.

READ MORE: Giants among the teams speculated to be interested in trading up for a QB in the 2024 NFL Draft

Key Player Decisions and Future Prospects

It doesn’t seem as though the Giants will use the franchise tag on either player, letting Barkley hit the market to test his luck and offer McKinney an extension. The team can’t afford to lose two players and primary leaders coming off of a down year, so the Giants will have to make a choice. As of now, the probability is that McKinney will stay on a long-term extension, but he’s looking for top dollar coming off his best campaign.

Fortunately, the Giants have plenty of salary space to work with in the future, especially if they restructure the contracts of Dexter Lawrence and Andrew Thomas. They can clear a max $25 million there and $5.7 million by releasing Mark Glowinski. They can also save $6.7 million by letting Darren Waller go.

The Giants could have upward of $65 million available this off-season. This means they don’t have to restructure Jones’s deal, and they can survive without touching his contract, which is ideal given the likelihood they take the out next year.

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