In their latest move to clear salary cap space before the top 51 rule expires on Thursday, the New York Giants have re-structured the contract of veteran wide receiver Sterling Shepard.
The Giants converted $5.985M of WR Sterling Shepard’s base salary into a signing bonus, creating $3.99M in cap space.— Field Yates (@FieldYates) September 8, 2021
Sterling’s cap charges go up by $1.995M in 2022-2023, while New York gets 2021 space.
The Giants also re-structured the contract of defensive backa Logan Ryan and Josh Jackson this week. In Ryan’s case, the Giants converted most of the $5.million base salary he was set to make to a signing bonus. His cap hit has apparently been lowered from $7 million to $4.075 million for this season.
The Giants have also reached injury settlements with a number of players including Austin Mack, Colke Hikutini, Montre Hartage and Alex Bachman.
In Shepard’s case, the re-structure perhaps makes it more likely that the veteran wide receiver will be with the Giants beyond this season. He is currently in the second year of a four-year, $41 million contract, and pushing more money into the future gives the Giants more reason to keep him.