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The New York Giants haven’t been spendthrifts the last few months, but they can still end the offseason with a healthy amount of cash under the salary cap. That’s if general manager Joe Schoen makes the decision to offload a former fourth-round pick.
Releasing Darnay Holmes would amount to “$2.7 million in cap savings,” according to Dan Duggan of The Athletic. Duggan suggested cutting cornerback Holmes, “who is competing against younger, cheaper players for a roster spot,” as a viable way for the Giants to create some much-needed cap space.
“The Giants have $6.1 million in cap space, according to the NFLPA,” Duggan wrote in a story published May 16. “They’ll need roughly $2.5 million in cap space to account for their draft class, so there’s no urgency to make any other cap moves to sign their rookies.”
The need for more cap space is obvious because contract decisions regarding two of their best players loom: securing the future of running back Saquon Barkley and sorting out a contract extension for left tackle Andrew Thomas.
The Giants did not leave cap space entering 2022, and it cost them the chance to upgrade a critical weakness during the season.
2020 Draftee a Prime Potential Cap Casualty
Holmes has made a mere 11 starts since being selected 110th in the 2020 draft. He logged two of those starts last season and allowed a respectable 61.2 completion percentage.
Holmes also broke up eight passes, including one that led to an interception for Julian Love against the Dallas Cowboys in Week 12.
Holmes was lined up against the Cowboys’ CeeDee Lamb in the slot last season. Putting him inside allowed defensive coordinator Don ‘Wink’ Martindale to include him in blitz packages. He also added value as a returner.
But the Giants could consider moving on without him considering that their cornerback depth chart is stronger after picking Deonte Banks 24th overall in this year’s draft. Banks has joined Adoree’ Jackson, second-year man Cordale Flott and third-year pro Nick McCloud.
The latter was a feature of Martindale’s pressure schemes last season, logging this sack against the Philadelphia Eagles in Week 18, highlighted by Talkin’ Giants.
McCloud’s still on the roster, but the Giants also drafted Tre Hawkins III from Old Dominion in the sixth round and signed former Michigan corner Gemon Green as an undrafted free agent.
There’s no shortage of options to assume Holmes’ role, and many of those options are more cost-effective. McCloud is set to earn $940,000 this year, according to Spotrac.com, while Holmes is due an average salary of $2,743,000, with a total cap hit worth $2,940,972.
The numbers aren’t in Holmes’ favor. Especially when the Giants could put the money to better use.
Giants Still Have Costly To-Do List
Barkley’s next deal remains unsettled, but it’s clear any fresh terms won’t be modest. He hasn’t warmed to the idea of playing on the franchise tag this season, something that would cost the Giants $10.1 million.
Finding a compromise won’t be easy, and the Giants will struggle to pay Barkley $13 million per year, former New Orleans Saints and Miami Dolphins general manager Randy Mueller said, according to Duggan.
There’s also a similar problem with any future contract for Thomas, although an extension “could reduce his $10.3 million cap hit in 2023,” Duggan wrote. If they had the choice, the Giants would no doubt prefer to get Barkley’s deal done now before turning attention to Thomas only when the latter enters his option year in 2024.
Barkley remains the key to the success of the Giants’ offense, despite new faces like Pro Bowl tight end Darren Waller and rookie wide receiver Jalin Hyatt being added to quarterback Daniel Jones’ supporting cast.
The offense needs Barkley, but as Duggan noted, the defense suffered last season when the cap-strapped Giants didn’t have enough cash to sign defensive tackles Ndamukong Suh nor Linval Joseph at the midway point.
There’s no longer a need to fix a run defense that allowed 5.2 yards per carry last season, not after Rakeem Nunez-Roches and A’Shawn Robinson arrived in free agency. Yet, the Giants would still be wise to create as much cap room as possible to cover a potential breakthrough with Barkley or add any reinforcements they may need during the season.
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