The New York Giants currently have only $3.8 million in salary cap space following the first wave of free-agency signings. New York needs to create more space as they continue to build their roster in free agency and look ahead to the 2023 NFL Draft.
Their hurdle to jump this season is Leonard Williams whose cap hit is a massive $32.26 million in 2023. The Giants may need to consider cutting the veteran defensive tackle to save cap space this offseason.
How much would the Giants save by cutting Leonard Williams?
The Giants could save $12 million by cutting Leonard Williams with a pre-June 1st designation (Over The Cap). They would incur $20.22 million in dead money for releasing Williams. However, considering most of the Giants’ work in free agency is done, they may want to designate Williams’ release post-June 1st if they do indeed release him.
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Cutting Williams post-June 1st will give the team $18 million in cap savings with only $14.26 million in dead cap. This would give New York more space in the summer to sign its upcoming draft class. Many rookies do not sign their contracts until training camp rolls around in July.
Granted, the Giants may decide to keep the 28-year-old defensive lineman. He is still an effective player for Big Blue, totaling 45 combined tackles and 2.5 sacks during the 2022 season. New York may prefer to extend Big Cat, which could save the Giants $13.46 million against the cap in 2023. A restructuring of Williams’ contract would net the Giants $8.4 million in savings.
There are many ways for the Giants to alter Williams’ contract to free up cap space, but there are not many ways for them to afford a 51-man roster with Leo’s current cap hit. The Giants will undoubtedly look into ways to lower Leonard Williams’ cap hit for this upcoming season.