With the New York Giants preparing to enter the free agency market next Wednesday, cap space continues to be a significant factor in their quest to rebuild the defense with veteran talent. After tight end Rhett Ellison announced his retirement on Monday morning, the Giants‘ cap jumped to $77.8 million.
That allows them plenty of room to maneuver and sign talented players like cornerback Byron Jones or pass rusher, Jadeveon Clowney.
Out of all NFL teams, the Giants have the fifth most available Space, landing behind Miami, Indianapolis, Tampa Bay, and Buffalo.
How will the New York Giants spend their money?
I anticipate the Giants and general manager Dave Gettleman allocating plenty of resources towards the defense this off-season, as the unit only accounts for $29 million in total cap. Gettleman took an aggressive approach in 2019, utilizing the NFL draft to rebuild the secondary and lay a foundation across the board. Gaining safety Jabrill peppers in the Odell Beckham Jr. trade also contributes towards the ultimate reconstruction of the unit.
With one week left to rework deals with impending free agents on their own team, the Giants will likely enter the market with a little bit less than anticipated. They still have to re-sign Leonard Williams to a multi-year deal, given Gettleman sees his values and believes he is a fit for their long-term plans.
Recent reports have stated that Williams and the Giants are “not close†to a contract extension, and negotiations could carry into free agency. Williams‘ management wants to test the market and see if other teams are willing to bet higher.
If the Giants do sign Williams, he will likely land in the $13 million per season range, already bringing the cap down to about $64 million. Gettleman believes in carrying over salary space into the season in case the Giants need to sign additional players. He estimates that $20 million would suffice, and then factoring in rookie deals, the Giants won’t have as much money as you might imagine to spend in free agency. However, if they can land Jones and Clowney, the defense will be significantly improved going into the 2020 season.