Reviewing the New York Giants’ current salary cap situation

new york giants, joe schoen
New York Giants co-owner John Mara, left, and general manager Joe Schoen talk on the field on the first day of training camp at Quest Diagnostics Training Center in East Rutherford on Wednesday, July 27, 2022. Nfl Giants Training Camp

The New York Giants spent big this offseason to bolster their roster, acquiring new talent while retaining their homegrown players as well. The new contracts have left New York with little money leftover, though, as they currently have just $3.8 million in salary cap space (per Over The Cap).

Despite the lack of current cap space, the Giants still have plenty of moves they can make to free up space throughout the summer.

Reviewing the New York Giants’ current salary cap situation

According to Over The Cap, Giants currently rank 26th in the NFL in cap space with only $3.8 million available. As for the team’s effective cap space, (the cap space a team will have after signing at least 51 players and its projected rookie class to its roster), they only have $1,285,150 available.

The amount of cap space New York has could quickly increase, though. A few notable names stand out as contract extension/restructure candidates while some other players on the roster bubble could be released to free up some space.

Giants could free up cap space by extending veteran players

The biggest name on the list of extension candidates is Leonard Williams. The veteran defensive lineman leads the team with a $32 million cap hit for the upcoming season. Williams is entering the final year of his deal but could be a candidate for an extension. Extending Big Cat would save the Giants $13.5 million in cap space.

Adoree’ Jackson is another player that could be extended. Jackson, also entering the final year of his contract, could be extended to save $7.9 million against the cap.

The glaringly obvious extension candidate is superstar RB Saquon Barkley. Big Blue placed the franchise tag on Barkley this offseason and the two sides have been unable to come to terms on a long-term extension thus far. If Barkley and the Giants agree on an extension, however, the Giants would save $7.2 million in salary cap space.

Andrew Thomas could be the next home-grown player to get a big payday. After extending Daniel Jones and Dexter Lawrence, Thomas will be next up on the Giants’ list. Signing Thomas to an extension would save $3.2 million against the cap in 2023.

Who could the Giants cut to save some money?

There are a few players on the back-end of New York’s roster that could wind up being cap casualties this summer. Fourth-year defensive back Darnay Holmes could be released to save $2.7 million in cap space this summer. Holmes is competing for the starting nickel corner role, but the Giants have younger, less expensive options to choose from.

The battle for the left guard position may come down to three players: Ben Bredeson, Joshua Ezeudu, and Shane Lemieux. Bredeson and Ezeudu are the current leaders in the clubhouse, making Lemieux the projected odd man out. Releasing Lemieux would free up $1 million in cap space.

Giants fans are hoping to see their team make a run for recently-released All-Pro WR DeAndre Hopkins. While the team may not have much cap space right now, they could quickly make some roster moves that would allow them to sign Hopkins or any other free agent they want to acquire.

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