The New York Giants have created $7.376 million in cap space after restructuring the contract of newly-acquired tight end Darren Waller, per Field Yates. New York traded for Waller this week, sending a third-round pick to the Las Vegas Raiders in exchange for the 2019 Pro Bowl tight end. Having made a few splash signings since the trade, the Giants have run out of cap space and need to make roster moves to create room.
Giants create cap space by restructuring Darren Waller’s contract
The Giants converted $9.835M of TE Darren Waller’s 2023 base salary into a signing bonus, which freed up $7.376 million in cap space. New York “already essentially spent some of this space,” according to Ryan Dunleavy of The New York Post. “The trade was made with the expectation to have Waller for multiple seasons,” Dunleavy explained.
The consequence of this trade, however, is that the Giants cannot cut Waller following the 2023 season without incurring a penalty. Prior to the restructuring, Waller’s contract had $0 in dead money left after this upcoming season. This move adds a dead cap hit to the future seasons of the deal.
The hope is that the Giants will not need to worry about future dead cap hits. If Waller stays healthy, the intention is for him to play out the remainder of his contract, which expires in 2026.
Waller, who is 30 years old, has missed 14 games due to injuries across the past two seasons. Waller himself described fans’ questions about his health to be “legitimate concerns.” But he believes he has “addressed those issues,” and is ready to make an impact as a premier receiving threat in the Giants’ offense in 2023 and beyond.