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Giants Free Agency: Figuring out what the Giants have left in cap space

Giants are running out of cap space.

Geoff Burke-USA TODAY Sports

[UPDATE: Corrected to include the pay cut agreed to by Jon Beason].

If the New York Giants are going to accomplish much more in 2015 NFL Free Agency, they might need to find some salary cap relief in order to do it.

Per Spotrac, the Giants have $9.142 million in salary cap space remaining, although that number does not appear to include every announced move by the Giants to date. That number includes the pay cut of Jon Beason, which was not included in a previous version of this story. It does not appear to include the contracts of Mark Herzlich or J.T. Thomas, so the number is probably closer to $8 million.

What can the Giants do to create more cap room? Short-term the obvious answer would be to cut linebacker Jameel McClain. Coincidentally, McClain is due a $400,000 roster bonus today so watch for a possible move there. Cutting McClain would save the Giants $3.1 million against the cap.

Do the Giants need to make some cost-cutting moves?