The New York Giants were running a bit low on salary cap space following the early parts of free agency and contract restructures seemed inevitable.
Many expected that to come by way of defensive lineman Leonard Williams and/or cornerback Adoree’ Jackson (extension), but those two will have to wait.
First up was newly acquired tight end Darren Waller.
ESPN’s Field Yates reports that the Giants converted $9.835 million of Waller’s 2023 base salary into a signing bonus. The move cleared approximately $7.376 million in additional salary cap space.
Updated figure: $7.376M in cap space created.
I wasn’t a math major pic.twitter.com/KxOdChxqNv
— Field Yates (@FieldYates) March 17, 2023
The restructure does not indicate the Giants and general manager Joe Schoen intend to make any other big moves. Rather, it was done to get several other players who have recently agreed to terms under contract.
With an added void year (2027), Waller’s 2023 cap hit drops from $11.875 million to $4.007 million. If the Giants release him after the 2023 season, Waller will now account for a dead cap hit of $7.868 million ($5.824 million cap savings). If they release him after the 2024 season, the dead cap hit would be $5.901 million ($9.066 million cap savings).