With the worst salary cap situation in the NFL, New York Giants general manager Joe Schoen has already been forced to reach for what he said would be a “last resort” to create cap space. The Giants have restructured the contract of cornerback Adoree’ Jackson, kicking money into future years.
Per Field Yates of ESPN, the Giants converted $8.965 million of Jackson’s contract into a signing bonus. The move created $5.98 million in cap space for 2022.
Per Over The Cap, Jackson’s base salary for 2022 is now $1.035 million and his cap hit is $9.288 million. The Giants added a void year to Jackson’s contract, kicking $2.988 million in pro-rated bonus money into the 2024 season.
Jackson’s 2022 cap hit, which would have been $15.2 million, will now be $9.288 million. His cap hit in 2023, though, rises from $15.5 million to $19.488 million.
The move leaves the Giants with $6.788 million in cap space, per Over The Cap.
The Giants will need roughly $12.5 million in cap space simply to sign their rookie class, and at least $10-15 million beyond that for other moves and expenses like in-season injury replacements.
There are two obvious moves the Giants can make to clear at least some of that space.
The first is the much-discussed idea of trading cornerback James Bradberry. Schoen can clear $12.136 million by trading Bradberry pre-June 1, and $13.5 million by doing so after that date.
The other obvious move, which Schoen is likely loathe to make but might find necessary, would be to extend the contract of defensive lineman Leonard Williams. Williams has two years remaining on his three-year, $63 million contract, which carries cap hits of $27.3 million and $26.3 million the next two years.
At age 28, Williams is likely a prime candidate for an extension that would lower his 2022 cap hit.