The New York Giants started Monday morning with less than $2 million in available cap space. With the 2022 NFL Draft coming up quickly, the Giants need at least $16 million in salary space to sign their rookies, considering they have two first-round picks, which will account for $4.5 million apiece.
On Monday, the Giants restructured the contract of cornerback Adoree Jackson, who signed a 3-year, $39M deal last offseason to serve as the team’s No. 2 corner alongside James Bradberry.
New general manager Joe Schoen created nearly $6 million in salary space by converting $9 million of Jackson’s contract into a signing bonus. By doing this, they added a void year to his deal, pushing some guaranteed money down the road, which will count as dead cap.
Giants have created $5.98M in cap space by converting $8.965M of Adoree Jackson’s contract into a signing bonus. They added a void year to his deal, pushing some $$ down the road, per @FieldYates
A little bit if wiggle room but need a lot mor!
— Alex Wilson (@AlexWilsonESM) April 4, 2022
Schoen stated this off-season previously, he would try to avoid kicking the can down the road on big contracts, but it was necessary given how strapped the Giants are for cash after Dave Gettleman spent aimlessly over the past four seasons.
Restructuring Jackson’s contract makes the most sense since he would theoretically be the team’s No. 1 corner if they trade Bradberry away, saving $11.7 million in salary space. They did have the option of restructuring the contracts of Kenny Golladay and Leonard Williams, but the team can save a tremendous amount of money if they keep their deals the same and look to release them in 2023/24.
Schoen could save the team $18 million in salary space if they release Williams next off-season and $6.7 million if they cut Golladay. However, Golladay would still count $14.7 million against the cap, making him less productive to cut before 2024, when he would save $14.6 million.
Nonetheless, the expectation is that the Giants will trade Bradberry, having connected with the Kansas City Chiefs in a potential trade. Jackson transitioning to the team’s top corner would force management to look to the draft as a potential supplement. The team has been heavily intrigued by Cincinnati CB Sauce Gardner recently, taking him out to dinner after they attended his Pro Day.