Daniel Jones’ contract restructured as Giants create salary cap space

The New York Giants, in need of salary cap space going into the 2023 season, have turned to quarterback Daniel Jones for help, reportedly restructuring the four-year, $160 million contract Jones signed this offseason.

Per Field Yates, the Giants have converted $8.42 million of Jones’ base salary into a signing bonus, creating $6.315 million in cap space.

GM Joe Schoen said last week after setting the 53-man roster that addressing the cap was next on the team’s priority list.

“Once we come up for air here, like maybe early next week or something, we’ll kind of circle up on that and see where we are salary cap wise, short term, long term and kind of come up with a plan there,” he said.

Some accounting on Jones’ new deal, per Dan Duggan:

Jones’ new cap hits:

2023: $15.4M (was $21.8M)
2024: $47.1M
2025: $41.6M|
2026: $58.6M

There would now be $22.2M dead money if the Giants want out after 2024 (was $18M pre-restructure)

Entering Monday, Over The Cap listed the Giants with just $826,164 in cap space. For reference, eight teams were in worse cap shape. Six teams are currently shown as being over the cap, and will have to make moves to get into cap compliance.

If the Giants want to create more cap space, the contracts of veteran placekicker Graham Gano (a $5.547 million 2023 cap hit) and backup quarterback Tyrod Taylor (a $6.9 million cap hit) might be ones they look to extend.

Defensive tackle Leonard Williams carries a $32.26 million cap hit, but Schoen said last week the team was not considering doing anything during the season with Williams’ deal.