Breaking down every new Giants free agent contract and their remaining salary cap space

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Ralph Vacchiano
·4 min read
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Kyle Rudolph
Kyle Rudolph

The Giants entered free agency with very little to spend. They needed to cut veteran guard Kevin Zeitler just to get under the $182.5 million salary cap. And even then, they only had about $3 million.

Since then they have made some moves to clear more space, with a long-term contract extension for Leonard Williams and a pay cut for Nate Solder, which allowed them to spend a little more than many expected in the free-agent market. They haven’t signed any really expensive players (yet), but they are looking (see: Kenny Golladay) while they’ve been busy adding depth.

So after what they’ve done so far, how much salary cap space do they actually have left?

Here’s a look at the contracts they’ve given out that SNY obtained from NFL sources, plus a look at the cap room they were able to clear. At the end is an estimate of what the Giants have left – though keep in mind some important contract information is still unknown.

Contract extensions

DL Leonard Williams: Three years, $63 million ($45 million guaranteed)

$22.5 million signing bonus. $3.5 million salary in 2021 and $19 million salary in 2022 (both guaranteed). $18 million salary in 2023.

2021 Cap hit: $11 million.

EXTRA 2021 CAP ROOM CREATED: $8.3 million.

Pay cuts/restructures

T Nate Solder: He was due $9.9 million in salary and another $100,000 in bonuses in 2021. He agreed to cut his 2021 pay to approximately $4 million, according to an NFL source.

Estimated 2021 Cap hit: $10.5 million

EXTRA 2021 CAP ROOM CREATED (estimated): $6 million

Free-agent contracts

DT Austin Johnson (re-signed): One year, $3 million (all guaranteed).

$1.5 million salary, $1.5 million roster bonus (due Friday). $500,000 in playing time incentives.

2021 cap hit: $3 million

RB Devontae Booker: Two years, $5.5 million ($2 million guaranteed).

$2 million signing bonus. $1.5 million salary in 2021. $2 million salary in 2022. $500,000 in incentives.

2021 cap hit: $2.5 million.

WR John Ross: One year, $2.5 million ($1 million guaranteed).

$500,000 signing bonus. $1.25 million salary. $500,000 roster bonuses. $250,000 in incentives.

2021 cap hit: $1.8 million.

QB Mike Glennon: One year, $1.35 million ($425,000 guaranteed).

$275,000 signing bonus. $1.075 million salary. $750,000 in incentives.

2021 cap hit: $1.35 million

TE Kyle Rudolph: Two years, $12 million ($4.5 million guaranteed).

$4.5 million signing bonus. $2.5 million salary in 2021. $5 million salary in 2022. $2 million in incentives.

2021 cap hit: $4.75 million

LB Reggie Ragland: One year, $1.2 million.

$990,000 salary. $137,500 in bonuses. Contract qualifies for the “veteran salary benefit”.

2021 cap hit: $987,500

LS Casey Kreiter (re-signed): One year, $1.12 million

$990,000 salary. $137,500 in bonuses. Contract qualifies for the “veteran salary benefit”.

2021 cap hit: $987,500

FB Cullen Gillaspia: Terms unknown.

DE Ifeadi Odenigbo: One year, $2.5 million

Details unknown

Estimated 2021 cap hit: $2.5 million

How much cap space do the Giants have left?

They started with about $3 million to spend and then added $14.3 more, thanks to Williams and Solder, giving them about $17.3 million in salary cap space.

Since then, they’ve spent roughly $18.9 million in cap space signing or re-signing nine players. Of course, keep in mind the contract details for fullback Cullen Gillaspia haven’t leaked yet, but presumably that doesn’t count for more than $1 million against the cap (otherwise … huh?!?).

Remember, the salary cap only counts the Top 51 players, so for each of the seven new players the Giants have signed, one player is removed from the list. Those players are worth about $5 million in total cap space.

That would leave the Giants with about $3.4 million in salary cap space.

If that doesn’t sound like it’s enough for, say, a Kenny Golladay … probably not. But the Giants can still restructure some of their bigger contracts like those of James Bradberry, Blake Martinez, and Sterling Shepard. Conceivably, they could clear another $12 million in cap space by doing that.

And there could be a couple of surprise cuts, too, if they decide they need the space to sign a particular player. But keep in mind that eventually they’ll need about $3.5 million in space for their draft class, though not until those picks actually sign.