Giants re-structure Leonard Williams’ contract, get under 2022 salary cap

The New York Giants had to make a big move on Tuesday to get under the $208.2 million salary cap by the 4 p.m. ET deadline, and they have. Field Yates is reporting that the Giants have re-structured the contract of defensive lineman Leonard Williams.

With Williams carrying cap hits of $27.3 million this season and $26.3 million next season, this always appeared to be the most necessary move for GM Joe Schoen to make.

Per Yates, the Giants are converting $17.88 million of Williams’ base salary, which is $19 million in 2022, into a signing bonus. They are also adding a void year, which would be 2024. Yates’ math has the move creating $11.92 million in cap space.

Per Dan Duggan, Williams’ updated cap hits are as follows:

• 2022: $15.4M
• 2023: $32.3M
• 2024: $6M (void year)

The Giants entered the day a league-worst $6.692 million over the cap. The Los Angeles Rams ($739,997) were over the only other team over the cap as of Tuesday morning, per Over The Cap.

Schoen had said early in the offseason that re-structuring player contracts was a “last resort” as a salary cap measure. The Giants have now had to re-structure the contracts of Williams and cornerback Adoree’ Jackson. They were also forced to release cornerback James Bradberry, and got veteran wide receiver Sterling Shepard to accept a pay cut to remain with the team.

This move should put the Giants roughly $5.22 million under the cap. That seems unlikely to be enough money to allow the Giants to operate throughout the 2022 season, so perhaps more cap-related moves are coming.

The Giants are carrying $42.677 million in dead money, per OTC.