Giants re-structure Sterling Shepard’s contract, continue clearing cap space

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 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.