‘No-Brainer’ Giants Contract Restructure Could Create $14.4 Million in Cap Space

Getty Left tackle Andrew Thomas could help the New York Giants free up some cap space in 2024.

The New York Giants currently have approximately $21.84 million in cap space this offseason according to Over the Cap. Not bad, but considering the holes on their roster, not enough either.

While detailing the organization’s cap situation on February 8, The Athletic’s NYG insider Dan Duggan pointed out a “no-brainer” contract restructure that could save Big Blue $14.4 million — and it involved left tackle Andrew Thomas.

“Thomas is an ideal restructure candidate,” Duggan wrote. “The Giants last July signed the 25-year-old to a five-year, $117.5 million extension that runs through the 2029 season, so there’s plenty of room to move money around.”

“Thomas has a $14.2 million salary in 2024 plus a $5 million roster bonus that’s due on the fifth day of the league year (March 17),” the reporter went on. “The Giants could create $14.4 million in cap savings with a max restructure.”

Duggan also noted that “the max savings would [only] be $10.4 million if they don’t do it before the roster bonus is due.”

He concluded that considering Thomas’ track record, salary guarantees and general importance to the organization, a financial move like this will “barely be felt on the cap [long-term].”

Giants LT Andrew Thomas Proved Just How Integral His Presence Is in 2023

If it wasn’t plainly obvious how key Thomas is for the Giants offense going into the 2023 campaign, his injury absence certainly highlighted it.

Without the steady left tackle this season, the G-Men went 2-5. The offense was noticeably poor over that stretch of games too, which included a total breakdown occurring in front of the quarterback position most weeks.

From Week 2 through 8 in 2023, the Giants averaged just 13.6 points per game.

Later, the offense appeared to improve with Tommy DeVito and Tyrod Taylor at quarterback upon Thomas’ return. Coincidence? I think not.

Not counting Week 1 — a shutout that saw Thomas leave with injury — Big Blue averaged 19 points per game with the starting left tackle on the field. They went 4-5 over that final nine-week stretch.

In terms of Thomas’ 2023 output, overall, his numbers were nearly in-line with his second and third seasons in the league outside of a slight dip in pass-blocking efficiency — 97.9 (twice) compared to 97.1.

His run blocking was also more average than elite, according to Pro Football Focus.

Having said that, Thomas was still the Giants’ best offensive lineman by a long shot. His availability will be integral if the franchise hopes to bounce back in 2024.

Duggan Agrees That Giants Will Cut Mark Glowinski in 2024

Veteran guard Mark Glowinski was named the “most obvious” cut candidate this offseason by Bleacher Report on January 16. Unfortunately for the interior blocker, Duggan seems to agree.

“[General manager Joe] Schoen’s easiest cap decision of the offseason will be cutting Glowinski to create $5.7 million in cap savings while leaving a $1.5 million dead money charge,” Duggan voiced just before talking about Thomas.

“The three-year, $18.8 million contract Glowinski signed in 2022 was always really viewed as a two-year deal,” he explained. “Schoen resisted restructuring the deal this season while Glowinski lost his starting right guard job. Both were clear signs the 31-year-old’s days were numbered in New York.”

Duggan also noted that the guard position “should be a priority” in free agency this spring. Adding that “the average salary for quality guards in free agency has started in the $8 million range in recent years.”