That means that the Saints pick up the remaining portion of Jenkin’s five-year, $62 million contract. That equals $1.2 million this season, which will be credited back to the Giants’ 2019 cap.
Jenkins has $11.25 remaining on his contract next season, but that money is not guaranteed. The Giants will carry $3.5 million in dead money next season due to the Jenkins’ contract.
With the Saints facing the Indianapolis Colts on Monday Night Football, Jenkins will officially become a Saint on Tuesday.
Jenkins joins former Giants cornerback Eli Apple, who was traded by the Giants to New Orleans a season ago.
The Saints are 10-3 entering Monday’s game.
The Giants had only six inactive players for Sunday’s game because the waiving of Jenkins did not technically go into effect until Monday.