Giants open up substantial cap space through Dexter Lawrence extension

New York Giants, Dexter Lawrence
Sep 22, 2019; Tampa, FL, USA; New York Giants defensive tackle Dexter Lawrence (97) reacts during the third quarter against the Tampa Bay Buccaneers at Raymond James Stadium. Mandatory Credit: Douglas DeFelice-USA TODAY Sports

The 2023 offseason left the New York Giants low on salary cap space. Following the 2023 NFL Draft, the Giants were in need of additional space to be able to sign their draft class. The recent extension of DT Dexter Lawrence will give them the necessary space and then some.

Giants clear nearly $6M in cap space by extending Dexter Lawrence

According to Jordan Raanan of ESPN, Lawrence’s cap hit this year after the extension will be $6.65 million. This is down from the $12.4 million he was supposed to count against the cap on his last contract. Essentially, the Giants have created $5.75 million in cap space with Lawrence’s extension.

Lawrence’s cap hits over the course of his contract are as follows:

2023 – $6.653M

2024 – $21.9M

2025 – $21.4M

2026 – $24.4M

2027 – $26.4M

According to Patricia Traina of Sports Illustrated, New York has $3,134,965 in effective cap space and $5,674,351 in total cap space following the Lawrence extension. That will be enough to sign their 2023 draft class, but not to do much else. The Giants will need $2.674 million in cap space for their draft class, per Traina.

The Giants could still make a couple more moves to free up space. Extensions for Andrew Thomas and Saquon Barkley could lower their 2023 cap hits. The team could also consider restructuring the contracts of Tyrod Taylor or Leonard Williams if need be.

However, New York will likely feel comfortable where they are after they sign their draft class. The Giants had a productive offseason and seem more focused on extending their in-house talent than bringing in anyone new at this stage of the offseason.

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