Even with a larger-than-expected salary cap, Giants shouldn't tag Saquon Barkley

INDIANAPOLIS — The Giants planned conservatively, as Joe Schoen tends to do.

So, when the email hit his inbox, informing the general manager of a league-wide cap of $255 million, he was pleasantly surprised. That was almost $13 million more than expected, which meant more room to trade for players, sign players, or, even, keep those he already has.

The Giants seemed unlikely to use the franchise tag before. But now, Schoen said from the 2024 NFL Combine, things have changed. This boosted team cap added that tool back to their disposal. He and his staff will reconvene here in Indianapolis to discuss if using it makes sense — specifically on running back Saquon Barkley.

“I wouldn’t say the franchise tag is off the table,” Schoen said.

OK, well, in this case, it probably should be.

The Giants and Barkley are set to dance again, albeit this time with the running back’s new representation, Ed Berry, whom Schoen said he has a good relationship with. They hoped to get a deal done last offseason. They hit Barkley with the tag to buy more time to talk. Schoen even came out of his comfort zone to nearly $24 million guaranteed in hopes that could get it done before their deadline. It didn’t. So, Barkley played on the tag.

Rarely do teams get back to the negotiating table after that. Yet, even after all the sometimes-ugly back-and-forth, Schoen and Co. continue to stress they want Barkley to remain in New York. There’s no ill will from Barkley, either, who routinely preaches his desire to join Eli Manning and others as a “Giant for life.” So, here we go again.

“I think we’ve all grown,” Schoen said. “Saquon, myself, the organization through the last 12, 13, 14 months.”

Not so much if the tag, which would pay Barkley roughly $12 million, is back in play.

The NFL is a business. The Giants, for the first time in a long time, have a shrewd businessman in Schoen calling the shots. You can’t help but think Barkley’s back on a Christian McCaffrey-surpassing contract if Jerry Reese or Dave Gettleman were still in charge.

Schoen knows a back’s talents deteriorate after their 27th birthday — his analytics show him that. Barkley isn’t just 27, but an old 27 with nearly 1,500 touches on his body.

Schoen refuses to put the Giants in a similar position to the Dallas Cowboys, who were stuck paying Ezekiel Elliott for who he was in the past, not present. That’s why he’s so stuck on his number.

As Schoen said from the combine: He is not judging Barkley off his value to the Giants, but his value as a running back. Again: Smart and shrewd business.

So, theoretically, yes — another tag makes perfect sense. The Giants' concerns aren’t about Barkley in 2024. Schoen said himself on Tuesday he believes the back can still play. The problem is 2025 and beyond.

Tagging him allows the Giants to run Barkley into the ground one more time while he’s still in the prime of his career. Then, let him walk.

From a pure business perspective that is the right move.

But this is where Schoen needs to bend some. It’s not about giving Barkley every penny he desires because he’s been a good teammate, leader and performed on the field (when healthy). No. He should meet with Berry in Indianapolis and make him an offer that he believes is fair and right for the Giants.

If Barkley doesn’t like it — that’s fine. Let him hit free agency. Tell him to find better.

If he does: Decide then whether you want to match or not. If you do, great, Barkley retires with only the Giants on his ProFootballReference listing. If not? Overpaying Barkley isn’t smart when Schoen could likely have Josh Jacobs (Las Vegas Raiders), Tony Pollard (Cowboys), Aaron Jones (Green Bay Packers), Joe Mixon (Cincinnati Bengals) or Zack Moss (Indianapolis Colts) for cheaper. He could draft his replacement with one of his two second-rounders.

“It’s a deep running back (free agent) class,” Schoen said. “So if we’re not able to get something done there is a little bit of a surplus at that position in the market.”

The idea of Barkley donning another uniform is hard for some to stomach. Considering Schoen wouldn’t budge from a certain point last year, and it’s hard to imagine that’s changed with Barkley a year older, the only way to unequivocally prevent that from happening is by using the tag.

But at what expense?

Barkley has done everything right since he joined the Giants. He might finally reach a breaking point if tagged again — actually hold out of training camp, sit out games. That’s not worth it.

Schoen is right: The increased cap changes things. He can use the tag. He can use it on Barkley.

He just shouldn’t.