Giants to release Kenny Golladay, creating more salary cap space in the process

Kenny Golladay of the Giants in the second half. The Houston Texans at the New York Giants in a game played at MetLife Stadium in East Rutherford, NJ on November 13, 2022.
Kenny Golladay of the Giants in the second half. The Houston Texans at the New York Giants in a game played at MetLife Stadium in East Rutherford, NJ on November 13, 2022. / © Chris Pedota, NorthJersey.com / USA TODAY NETWORK

The Giants will release wide receiver Kenny Golladay on March 15 when the new league year starts, reports SNY's Connor Hughes.

By releasing Golladay, the Giants will create an additional $6.7 million in salary cap space.

Big Blue already had roughly $47 million in cap room, so moving on from Golladay will bring them near $54 million.

Golladay's tenure in New York was an unmitigated disaster.

After signing a four-year, $72 million deal before the 2021 season when Dave Gettleman was still at the helm, Golladay struggled to find any kind of consistency and was an afterthought during the 2022 season.

Even after the Giants' receiving corps became a mess with Sterling Shepard and Wan'Dale Robinson lost for the year due to injury, and Kadarius Toney traded to the Kansas City Chiefs, Golladay remained mostly glued to the bench.

In 12 games (four starts) for the Giants last season, Golladay had six receptions for 81 yards and one touchdown -- his first and only as a member of Big Blue.

His debut season with the Giants in 2021 was ugly, with just 37 receptions for 521 yards -- a steep decline after Golladay amassed 1,000 or more yards receiving for the Detroit Lions in 2018 and 2019 (he was limited to five games in 2020 due to injury).

With the Golladay move out of the way, the Giants now have a clearer picture of how much cap space they'll have to work with as they look to bring back Daniel Jones and Saquon Barkley.

Jones will be returning one way or another -- either by signing a long-term deal or being given the franchise tag.

The future for Barkley is murkier, but he could easily be hit with the franchise tag if New York is able to work out an extension with Jones.