Getty The Giants can save $10 million under the cap with a new deal for a Pro-Bowler.
Money under the salary cap isn’t a pressing need for the New York Giants in 2023. Not with over $44 million worth of space, but general manager Joe Schoen still needs to stretch the cash to cover many priorities, including new contracts for prime free agents like quarterback Daniel Jones and running back Saquon Barkley.
Schoen can further his cause by extending Leonard Williams’ contract. Giving the Pro-Bowl defensive tackle a new deal can create “more than $10 million” of additional cap space, according to Bleacher Report’s Kristopher Knox.
A cleverly worked extension for Williams would also increase the Giants’ chances of securing a new contract for All-Pro nose tackle Dexter Lawrence II.
Giants Need Leonard Williams’ Help
Williams can help the Giants make a massive signing, provided he’s willing to take a pay cut. He’s currently set to carry a bumper cap hit worth $32,260,000, per Spotrac.com, with a base salary of $18 million for this year.
That figure represents a hefty portion of the $44,616,480 the Giants are projected to have at their disposal. Knox believes an extension is a better solution than shaving off the final year of a three-year contract worth $63 million: “While New York could save $12 million by cutting the final year of Williams’ deal, it would also eat $20.2 million in dead money.”
Schoen’s best-case scenario would be to lower Williams’ base salary, per Knox: “By extending Williams and lowering his base salary to a league-minimum $1.2 million, the Giants could save more than $10 million off the cap and not pay $20 million for Williams to play elsewhere. While Williams might not enjoy taking an immediate pay cut, he could exchange 2023 earnings for additional future guarantees.”
Encouraging Williams to accept a pretty hefty pay reduction would require some GM wizardry from Schoen. For his part, the player indicated a willingness to “consider” taking a pay cut, per SNY’s Connor Hughes:
Leonard Williams says he’d “consider” taking a pay cut to remain with the #Giants because “I want to play with Dex (Lawrence) as long as possible.”
Admits that’s something he hasn’t really thought about yet, though — needs to talk with his agent
Williams openly expressing his desire to “want to play with Dex (Lawrence) as long as possible” is also good news for the Giants. The duo are the beating heart of the defense, although Lawrence has arguably surpassed Williams in importance following a breakout season.
Dexter Lawrence Key to Giants’ Future
Lawrence became the linchpin of the Giants’ defense by redefining expectations for linemen who play over center. He did more than just absorb and occupy blockers, becoming a disruptive playmaker by logging 7.5 sacks, seven tackles for loss and 28 QB hits, per Pro Football Reference.
Those numbers helped Lawrence achieve Pro Bowl and All-Pro honors. Now Schoen believes the 25-year-old “has done enough” to earn a long-term contract after his original rookie deal expires following the 2023 NFL season, per Ralph Vacchiano of Fox Sports.
Keeping Lawrence has become a priority that could make Williams expendable. As Vacchiano noted, Lawrence will play on his fifth-year option this year, costing the Giants $12.4 million.
Making room for that figure and Williams’ salary is the tough decision facing Schoen. It’s one of many dilemmas, but arguably as important as what to do about Jones and Barkley.
Jones will “command at least $30 million annually,” according to an agent familiar with the quarterback market who spoke with Heavy’s Senior NFL Reporter Matt Lombardo. Paying their QB1 that kind of money makes it more likely the Giants use the franchise tag on Barkley, something Over the Cap projects will cost $10.1 million.
Those outlays might mean a restructure makes sense for Williams, but Vacchiano pointed out “Schoen doesn’t like doing that because it pushes cap hits into future seasons. Ideally, Williams would accept a cut to his $18 million salary, but it’s really not at all clear whether he — or his agents — will be OK with that.”
Ideally, the Giants find a way to keep both of their big men in the middle. The tandem is the best in the league, according to Pro Football Focus’ Zoltan Buday:
Dexter Lawrence and Leonard Williams are a dominant duo 💪
They didn’t get many opportunities to live up to the billing this season. Not when Williams was limited to 12 games thanks to knee and neck injuries, although he still tallied 17 pressures and eight QB knockdowns.
The Giants will continue to field one of the tougher defenses in the league if they keep Williams and Lawrence together. How they get there ultimately could impact how much they pay Jones and whether or not Schoen tags Barkley.