Giants Can Still Shed $47 Million in Cap Space Without Making Cuts: Report

Getty The New York Giants have some financial decisions to make in the upcoming weeks and months.

As things stand on May 20 — with Organized Team Activities now underway around the league — the New York Giants are dead last in cap space with just over $1.126 available according to Over the Cap.

There are opportunities to free up more money, however, and they do not involve making any roster cuts or trades. Per The Athletic’s Dan Duggan, NYG general manager Joe Schoen can still shed up to $47 million in cap space just by restructuring veteran contracts.

“The most obvious restructure candidates are left tackle Andrew Thomas (up to $10.4 million in cap savings), outside linebacker Brian Burns (up to $5.5 million in cap savings), linebacker Bobby Okereke (up to $4.5 million in cap savings) and defensive tackle Dexter Lawrence (up to $3.7 million in cap savings),” Duggan reported on May 15.

Acknowledging: “Of course, the biggest savings would come from restructuring quarterback Daniel Jones’ contract (up to $22.9 million), but that’s highly unlikely since that would push more dead money into the future when the team may be looking to move on.”

As Duggan alluded in the case of Jones, restructuring contracts doesn’t come without risk and there’s a reason Schoen hasn’t approached these five veterans in order to secure another combined $47 million in cap space.

Restructures kick financial obligations down the road. They also might tie a franchise to a player long-term, squandering an opportunity to get out of a deal.

When it comes to Jones, freeing up nearly $23 million in 2024 probably isn’t worth the future constraints. But with a foundational piece like Thomas, Lawrence or even Burns, it’s somewhat surprising these moves haven’t been made — unless Schoen is simply waiting on Darren Waller to make his decision.

Why Darren Waller Could Be Delaying Giants’ Financial Decisions

As Big Blue supporters know, Waller has been mulling retirement since the conclusion of the 2023 campaign. The star tight end hinted that he would make his decision before the start of mandatory minicamp in June — but he’s been dragging his feet throughout the offseason.

If Waller retires — or is released — after June 1, the Giants would save a significant amount of money. $11.625 million to be exact.

Bleacher Report’s Kris Knox listed Waller’s departure as a top-three opportunity for the NYG front office to create salary space this summer on May 20, alongside restructuring Jones and Thomas.

“At some point, the Giants have to sort out the future of tight end Darren Waller, who is considering retirement,” Knox noted within the article. Reiterating: “New York isn’t looking to rush a decision.”

Having said that, Waller’s crossroads could be holding up all contract negotiations.

“If Waller returns, general manager Joe Schoen will need to restructure other contracts,” Duggan told readers with The Athletic.

Adding later: “Schoen could restructure those [four or five] deals to pursue an expensive free agent or two even if he gets cap relief from a Waller retirement.”

Looking at the roster, there are still potential needs at cornerback, edge rusher, running back, offensive line and tight end if Waller calls it quits. Schoen might just be waiting on the veteran pass-catcher to determine how much money he has to push into future years.

Bleacher Report Calls Andrew Thomas Giants’ Most ‘Attractive’ Contract Restructure

Although Knox highlighted Jones’ contract as a possible restructure opportunity, the Bleacher Report analyst did admit that Thomas is the far more “attractive” option.

“The big question regarding Jones is whether the Giants want to push any more bonus money into future years,” Knox stated. “He struggled last season before the injury, and New York currently has an out in 2025—the dead money on his contract will drop from $69.3 million to $22.2 million.”

“Restructuring the contract of left tackle Andrew Thomas might be a more attractive option since he’s played well enough to stick around for the foreseeable future,” the writer continued. “He’s already under contract through 2029, but his $14.2 million base salary could be reduced.”

It feels like a Thomas restructure will likely occur before football starts back up in September.