Giants restructure Okereke, Lawrence contracts to open up cap space

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

As they gear up for a Week 1 Sunday night showdown against the Dallas Cowboys, the New York Giants are pulling out all the stops to maximize salary cap flexibility.

According to ESPN’s Jordan Raanan, the team has restructured the contracts of quarterback Daniel Jones as well as Bobby Okereke and Dexter Lawrence. Specifically, the Giants converted the remaining base salaries of Okereke and Lawrence into signing bonuses, freeing up $1.55 million in cap space. With Lawrence at a base salary of $2.25 million and Okereke at $1.9 million, the Giants are creating wiggle room for any emergency signings or potential trade acquisitions in the months ahead.

Current Cap Situation: Just Enough to Get By

After these financial maneuvers, the Giants now have $1.37 million in available cap space (via Over the Cap)—just enough to see them through immediate needs. Adding to the Giants’ financial commitments, they’ve extended kicker Graham Gano with a new three-year contract. The deal is valued at $16.5 million, with $11.3 million fully guaranteed. This extension keeps Gano with the Giants through the 2027 season, as his current contract is set to expire after the 2023 season.

Looking Ahead: The Giants Have a Healthy Financial Outlook

Though their available salary cap room may seem meager right now, the Giants are positioned well for the future. Two substantial contracts—those of Leonard Williams and Adoree’ Jackson—will come off the books in 2024. Williams carries a heavy $32.26 million cap hit this season, while Jackson’s is set at $19 million. The Giants could choose to extend these players after the upcoming season or opt for more cost-effective alternatives, possibly through the draft.

Future Cap Space: Room for Big Moves

As of next year, the Giants are projected to have a robust $58.7 million in available cap space. This opens up intriguing possibilities, not just for new signings but also for extending contracts of key players. General Manager Joe Schoen recently revealed that negotiations have yet to begin with Xavier McKinney’s representatives. However, talks could start as the season progresses, particularly if the Giants come to view McKinney as a pivotal long-term asset.

By making these strategic moves, the Giants are not only gearing up for the immediate season but also laying the groundwork for a financially stable and competitive future. With ample room projected for next year, the team has the flexibility to make impactful decisions, be it through trades, signings, or contract extensions.

Mentioned in this article:

More about: