As had been anticipated, the New York Giants are releasing wide receiver Kenny Golladay effective March 15. That will end a failed two-year tenure in New York where Golladay caught just 43 passes — only six for 81 yards in 2022 — and scored just one touchdown after signing a four-year, $72 million free agent contract.
It was initally thought that Golladay would not carry a post-June 1 designation. That would save the $6.7 million against the 2023 salary cap while carrying $14.7 million in dead money. The Giants have since clarified that whether Golladay is a pre- or post-June 1 cut has not been decided. Designating Golladay a post-June 1 cut could save $13.5 million against the cap but would carry $6.8 million in dead money for Golladay into the 2024 season.
Golladay still has $4.5 million in guaranteed money on the contract he signed with the Giants before the 2021 season, and the Giants paid Golladay $36 million over those two seasons. So, the Giants will end up having paid Golladay roughly $40.5 million over two seasons.
Per Over The Cap, the Giants have $46.873 million in cap space. The Golladay savings will push that number to $53.573 million, pending whatever happens with Daniel Jones, Saquon Barkley and other free agents.
Golladay was a non-factor for the Giants in 2022. He was inactive Week 13 against the Washington Commanders and played just 21 snaps from Week 14 to Week 17. His only touchdown catch in two seasons came in the meaningless 2022 season finale against the Philadelphia Eagles when coach Brian Daboll played almost exclusively backups.
Golladay had 1,000-yard receiving seasons for the Detroit Lions in 2018 and 2019.
Giants’ wide receivers Darius Slayton and Richie James can also be free agents.