Giants rework Darren Waller’s contract, creating $7.3 million in cap space

The New York Giants have reworked recently-acquired Darren Waller’s contract to create additional cap space, per a report from ESPN’s Field Yates.

The Giants converted $9.835 million of Waller’s base salary into a signing bonus, which is paid out over the life of the contract. The move creates roughly $7.38 million in salary cap space for 2023.

The salary cap is a very fluid thing this time of year. Only the Top 51 contracts are counted against the salary cap, and teams are constantly moving money around to manipulate the cap as rosters are adjusted. But even so, the Giants’ moves to start the 2023 league year had them (once again) bumping up against the salary cap. This gives them some additional breathing room to sign their 2023 draft class, as well as flexibility to deal with attrition over the course of the spring, summer, and the regular season.

And, should it be necessary, there are still moves which can be made to free up additional cap space for this year.