The New York Giants have recently made some major moves to get their finances sorted. The team has already signed some players but to be able to work more on their roster, some smart moves were needed.
The Giants already struggled with this season’s expensive free agency market and to overcome that, they restructured the contract of their DT Dexter Lawrence.
Dexter Lawrence’s contract restructure gave Giants $7.5M cap space
Reportedly, the first step the Giants took to work on their cap space was restructuring the contract with Dexter Lawrence. He was due to earn a $16 million base salary for the 2024 NFL season.
However, after this new restructuring, $10 million of that was converted into a signing bonus, which frees up $7.5 million in new salary cap space for New York.
It was a financially smart move for the team, helping them save more money in salary cap space.
The two-time Pro Bowler had signed an extension with the team last offseason. But changes have been made this season considering the current financial situation of the team.
Dexter Lawrence is one of the crucial players on the team. He had 53 total tackles, 4.5 sacks, and 21 hits on the quarterback in 16 games last season. But this move by the Giants was also necessary, as the team already spent a lot in free agency, leaving them with minimal cap space for the remainder of the season.
Why do the Giants need cap space?
The Giants, who got bodied by Saquon Barkley’s daughter need cap space because they were left with less than $2 million in available cap space and were over $4.65 million above the effective salary cap.
To be able to sign more players, they would have needed more cap space. Therefore, they restructured Lawrence’s contract and gained around $7.5 million in salary cap space.
Reportedly, their next target will be Andrew Thomas. The team is expected to restructure his contract as well and free up approximately $14 million in 2024 cap space.
With these moves, the Giants will have over $20 million in cap space. It will allow the team to sign more players for the rest of the season. The reason the team must be adamant about signing new players is their need to fix their roster.
The Giants need to work on their offensive line with experienced veterans to improve efficiency and protect their quarterback. Addressing the backup quarterback position is also crucial, with potential targets like Ryan Tannehill providing stability and experience behind Daniel Jones.
The team is also aiming to sign Brian Burns and improve their edge rushers. This additional cap space will allow the team to sign new players and improve their roster.
