According to Over the Cap, the Giants currently have $15,110,328 in effective cap space (used to sign players under the Top 51 rule, which begins on the first day of the new league year) and $22.943 million in total cap space.
That’s probably not enough to get much done, especially if they plan to use the franchise tag on running back Saquon Barkley (more on that later).
The problem the Giants have with their cap this year is they have three veteran contracts–quarterback Tyrod Taylor, defensive lineman A’Shawn Robinson, and cornerback Adoree’ Jackson–who have voidable years this year, which means that the Giants aren’t saving a penny on those transactions but will be getting hit with $6.488 million in dead money thanks to those voidable years. That’s money that could have otherwise been devoted to signing other players.
At first glance, it’s probably a given that guard Mark Glowinski ($5.7 million savings) will be a cap casualty. Tight end Darren Waller could also be a cap casualty, but with only a $6.707 million savings and over $7 million in dead money, it’s more likely that he gets another season.
What the Giants are likely going to need to do is extend/rework a few deals. Receiver Darius Slayton ($7.75 million base salary), left tackle Andrew Thomas ($14.175 million), and defensive lineman Dexter Lawrence ($16 million base salary) all come to mind as possibilities.
If we’re Joe Schoen, the first and only moves we make for the time being are to give Slayton a slight extension(maybe another two years, with one being a voidable season) and restructure Thomas’s deal to convert part of his base salary into an upfront signing bonus. That would push some of the converted prorated signing bonus to 2028, the first year of the original structure where Thomas doesn’t have any prorated money on the books (prorated signing bonuses can only be spread over a maximum of five years).
Decide What to Do with RB Saquon Barkley
In not being able to reach a new multiyear contract with running back Saquon Barkley, the Giants are right back to square one, in which they have to decide whether to tag Barkley again (this time for an estimated $12.419 million).
That money, if used, comes straight out of whatever cap space the Giants might have available, regardless if Barkley signs the deal. And if last year is any indication, Barkley isn’t looking to sign another franchise tag any time soon.
So here’s the problem. The Giants, unlike last year, when they had the time and the cap space to wait out Barkley, do not have that luxury this year, not after a 6-11 season that exposed a lot of needs the roster has.
Schoen hasn’t closed the door on getting a deal done with Barkley, who continues to reiterate a desire to be a Giant for life, and the two sides are expected to speak at the combine, which begins in a couple of weeks. But any deal has to be just as much of a right of a fit for the Giants as it does for the running back, who is another year older and went through another lower-body injury (high ankle sprain).
So here’s a very real possibility. If they don’t get a win-win deal for all parties done with Barkley by the end of the franchise tag window, the Giants will use the tag to keep Barkley from hitting the open market to continue working on resolving the stalemate.
To simply not tag Barkley and let him test the market on the condition that he bring any offers back to the Giants to match doesn’t make sense for the sole reason that if the Giants can’t match an offer he receives, they get nothing for losing arguably one of their best players on offense last year. (They’re not assured a comp pick in 2025, as that would depend on what the team does in free agency that could potentially cancel out any losses.)
If the two sides can’t break their stalemate before the draft, then it makes sense for the Giants, who right now have seven draft picks, four of which are in the top 100, to see if they can move the running back to another team in exchange for yet another pick in the top 100.
Remember, Schoen expressed some giddiness at his season-ending press conference about having the majority of his upcoming draft class consist of premium picks. Just imagine how much more he’d be if he could add to that, especially since the Giants are not projected to get comp picks this year.
And if he can swing a trade to add to the cache of top-100 picks, how much easier might that make the next item on this off-season plan?
Make a Decision on Xavier McKinney
Xavier McKinney finished the 2023 season believing he was one of, if not the best safeties in the league, right in time for his next contract. Whether the league agrees remains to be seen, but it’s pretty clear that McKinney is going to follow the money bag as he looks to strike it rich.
Will that come from the Giants? Anything is possible, but considering the team has so many needs to address and limited resources (yes, even if they restructure contracts), they might not be in the best position to pay McKinney like a top safety.
That said, new defensive coordinator Shane Bowen’s system places a heavy reliance on safety play, and in McKinney, he’d have a versatile safety which would allow for a variety of different looks and assignments, all of which might make splurging on McKinney worthwhile in the long run.
The Giants could look to slap the franchise tag on McKinney, which would cost them $16.3 million, a rather hefty sum to tie up when so much is needed (franchise tagging Saquon Barkley would be far cheaper). With McKinney eyeing the big payday, if the Giants want him back and perhaps not willing to spend an exorbitant amount, their only hope is that the market doesn’t materialize for McKinney the way the safety reportedly thinks it might.
Figure Out the Offensive Line
The Giants are set at two positions on their offensive line, those being left tackle (Andrew Thomas) and center (John Michael Schmitz). Schoen has insisted that right tackle Evan Neal, who is recovering from both ankle surgery and a rocky second NFL season, is still very much a question mark as is who will man the guards.
One of the Giants’ earliest hires made in the reshaping of the coaching staff was offensive line coach Carmen Bricillo, who has no doubt been knee-deep into the film. Whether Bricillo agrees with Schoen that Neal’s best position is right tackle remains to be seen, just as whether Bricillo thinks one (or both) of guards Josh Ezeudu and Marcus McKethan can answer the question marks at guard.
It might behoove the Giants to add a veteran to this group, especially after seeing how Justin Pugh, coming straight off the couch last year, brought a sense of calmness to the injury-plagued offensive line. New England’s Mike Owenu (if he’s available) would be a solid addition, as if Neal doesn’t pan out at tackle, Owenu can be plugged in there, and if Neal does work out, Owenu can move to guard.
Regardless of what direction they take, fixing a unit that for years has been the model of inconsistency is imperative regardless of who the quarterback ends up being.
Draft a Quarterback
The Giants and quarterback Daniel Jones tried to make this arranged marriage work, and for that first year, at least, it seemed like they had found a way, as Jones played well enough to earn a new four-year contract worth $160 million.
But a closer look at the contract, as is well known by now, revealed that Schoen put in an escape hatch after two years, perhaps a sign of doubt in the back of his mind regarding whether Jones truly was the answer.
After a solid 2022 season, Jones not only regressed–he never looked comfortable in the pocket, he was missing wide-open receivers both in his reads and throws and just looked skittish all around–Jones is yet again at a crossroads with the Giants.
That crossroad is further complicated by the fact that Jones, who managed to stay healthy in 2022, added two major injuries to his growing list, including his second neck injury (costing him three games) in three years and a torn ACL, which may or may not affect his mobility, one of the best parts of his game.
Schoen, who has said that the expectation is that Jones will be the starter once he’s healthy, has also said that the team must address the quarterback position, given the uncertainty regarding when Jones gets the green light. And just because the team has one set of expectations doesn’t mean they’ll come to fruition.
This year’s quarterbacks class is widely regarded as being deep in talent, unlike early reviews of 2025’s class. Even if the Giants don’t take a quarterback in the first round–a very real possibility–picking up a quarterback at some point on Day 2 would be a smart idea, even if the Giants add a veteran free agent to the mix, which they’re likely to do.
Adding a quarterback in the draft not only provides potential long-term insurance to a team whose incumbent is believed to be one more neck injury away from his career potentially ending, but it also assures Schoen and head coach Brian Daboll of the chance to sink or swim with their guy, while also putting one of the most important positions on a rookie contract which would allow the team to build around him for the future.
Acquire a No. 1 Receiver
It’s hard to forget how Schoen tried to downplay the importance of a No. 1 receiver after the 2022 season wrapped when he pointed out that a lot of No.1 receivers were sitting out the playoffs.
But let’s be real. Does anyone believe he wouldn’t love to have his own Stephon Diggs or Justin Jefferson on the Giants? A No. 1 receiver can make life so much better for an offense by drawing double coverage, among other things. And although the Giants tried to designate tight end Darren Waller in that role, given Waller’s recent injury history, his contributions were only going to go as far as his overall health took him, which sadly weren’t very far.
Schoen has shown so far that he’s willing to make a minimal splash in free agency, having done so last year with linebacker Bobby Okereke and the year before with guard Mark Glowinski. Whether it’s the draft or free agency–Tee Higgins, Michael Pittman Jr, Mike Evans, and Michael Thomas are just a few of the names set to hit free agency, barring a tag–the Giants need to search under every stone for a legitimate No. 1 receiver and not just hope that they already have that guy on the roster.
Fortunately for the Giants, the receiver classic deep, and New York, sitting at the sixth spot, is in a pretty good spot if it wishes to grab one of the top receives off the board in Washington’s Rome Odunze, LSU’s Malik Nabors, or, if he should fall down the board (unlikely, but you never know), Ohio State’s Marvin Harrison, Jr.
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