New York Giants general manager Joe Schoen said at the Combine that re-structuring player contracts would be his “last resort” in an effort to clear much-needed salary cap space. Apparently, Schoen has reached that point.
ESPN’s Jordan Ranaan reported earlier on Monday that the Giants have re-structured the contract of placekicker Graham Gano. Per Ranaan, the Giants $2.63 million of Gano’s salary into a bonus that have them $1.753 million in additional cap space. Ranaan also reported that the Giants added a void year to Gano’s contract.
Gano, 35, in entering the second year of a three-year, $14 million contract.
As of this morning, Over The Cap showed the Giants with only $397,793K in salary cap space. That number does not include the cut of Logan Ryan or the signing of offensive lineman Jamil Douglas.
The Giants have cut tight ends Kyle Rudolph and Kaden Smith, running back Devontae Booker and punter Riley Dixon, while getting wide receiver Sterling Shepard and linebacker Blake Martinez to take steep pay cuts.
There is, obviously, still more to do.