Toilolo had been set to make $2.95 million in 2021, the second year of a two-year, $6.2 million free agent deal he signed with the Giants last offseason.
The 29-year-old Toilolo was primarily a blocker and special teams player. He caught just 5 passes in 16 games while playing 275 snaps. 27 percent of the offensive plays.
No details of the new deal have been released. As Ralph Vacchiano of SNY already tweeted, it’s hard to imagine this “restructure” is anything more than a pay cut. Toilolo’s skill set is a replaceable one, and extending his contract would be hard to understand. I have been advocating moving on from Toilolo, and I’m surprised the Giants didn’t take the full $2.925 million cap savings and do that.
The Giants also still have Evan Engram and Kaden Smith on the roster at tight end, along with Rysen John, Nate Wieting and Nakia Griffin-Stewart.
The Giants had just above $6 million in salary cap space entering today, per Over The Cap. They will still have less than $10 million in space after this move.