The NY Giants have some key financial decisions to make for 2021. The salary cap is decreasing and the team must be careful with their money.
The NY Giants are going to need to create extra cap space for 2021. That much is certain.
New York to enter the 2021 season currently projected with a cap space of negative-$2.2 million.
Many NFL financial and cap space experts widely project the 2021 cap to be at or around $175 million. The 2021 cap is going to be lower than the 2020 cap due to the financial losses and impact of the COVID-19 pandemic.
The Giants don’t have too many massive contracts on their payroll, so they do have the flexibility to be creative and re-sign some of their own guys and sign some external free agents. With that being said, not everyone’s going to stick around and the team will have many tough decisions to make in a critical offseason.
There are many ways the Giants can create extra breathing room under the cap. They are predicted to have the 22nd most cap space in the league heading into next season.
The NY Giants need to upgrade several areas of their roster still. They will do that through the draft and through free agency. Keep in mind that the franchise has to keep approximately $6.3 million available to sign their upcoming rookie class in the draft.
Here we breakdown some financial decisions for NY where they can maneuver some contracts and get others off the books.
Golden Tate has likely played his last game as a New York Giant.
To start off, there shouldn’t be an easier roster decision for the Giants than to cut Golden Tate. Simply put, he hasn’t done nearly enough to live up to the 4-year, $37.5 million contract doled out to him in 2019.
In 2019, Tate started the season off suspended the first four games due to the use of a PED even though it was only for fertilization. Regardless, there’s no excuse for Tate to not know what he puts in his body and he lost a quarter of his first season in the Big Apple.
In 2020, Tate failed to have any 50-yard games, he only caught five or more passes twice (both in the first two games), and he only caught two touchdowns, his lowest since his rookie year.
Tate was also suspended for a game this year after some selfish behavior and was caught yelling into an ESPN camera, “Throw me the ball!” On Monday Night Football. Joe Judge would not tolerate this behavior and laid down the law and made it clear nobody is bigger than the team.
Tate’s numbers across the board were his worst since 2011. He no longer possesses the speed or quickness to get away from defenders and no longer reigns as the league’s “YAC King”.
Tate enters 2021 with a $10.8 million salary.
There is almost no chance that will happen with the Giants. New York can cut him and get back $8.5 million with only a $2.3 million dead cap hit if they cut him after June 1st. If they decide to cut him before June 1st, the team will only get back around $6.1 million while incurring a $4.7 million dead cap hit.
It seems like a no-brainer that Tate should be the team’s most obvious post-June 1 cut. The Giants can use that money to sign a good portion of their 2021 draft class along with signing some free agents in the summer and other guys who may become surprise cuts.
Getting back about $8 million dollars is an easy choice for a franchise that needs to get younger and faster at the wide receiver position. The Giants have already openly expressed they will add playmakers this offseason and Tate is a big reason why the team needs to blow up their receivers room.
Levine Toilolo is a replaceable player the Giants should move on from.
Levine Toilolo did not play the expected role many thought he would in 2020.
The Giants signed Toilolo to a 2-year, $6.2 million deal in the 2020 offseason. The move made it seem like the offense was serious about being a smashmouth, power run football team this year. Add in Jason Garrett coming over from Dallas and his offenses often had strong identities with 13 and 12 personnel.
The move raised some eyebrows at first as the Giants seemingly already were set with two tight ends in Evan Engram and Kaden Smith. The contract itself seemed unnecessarily high and it makes you wonder if the Giants were actually bidding against themselves for an aging, veteran tight end.
Toilolo enters 2021 with a $2.95 million cap hit. All the guaranteed money in his deal was only in his first season. The Giants should cut Toilolo, add a younger piece to the tight end position, and get the $2.95 million back to spend on other more important positions than a third-string tight end.
Riley Dixon should take a pay cut or be released heading into 2021.
Riley Dixon did not have a strong season in year two with the Giants.
Dave Gettleman sent a 7th round pick to Denver in return for Riley Dixon in 2019. Dixon was solid all year in 2019 but was very shaky this past season.
Dixon constantly struggled with directional punting, outpunting his coverage team, keeping opponents inside the 20 or 10-yard line, and there were far too many touchbacks.
Dixon heads into his third season with the Giants after signing a 3-year, $8.7 million deal in 2019, Dixon needs to have a strong season to prove his worth to the team.
Unfortunately for Dixon, as Joe Judge and the new coaching staff ushered in, they might have already seen enough in one season to move on.
The Giants can designate Dixon as a post-June 1st cut and get back $2.8 million while only incurring a minimal $250K dead cap. The move would save the team a total of around $2.55 million if they choose to take this route. If they do so, the team can add another veteran punter for cheaper and likely get similar if not better production.
David Mayo’s days in New York are likely numbered.
David Mayo has quite possibly also played his last snaps in New York.
Primarily a run-stuffer, his play on the field doesn’t justify the head-scratching extension Dave Gettleman handed him last offseason.
Gettleman handed Mayo a nice 3-year, $8.4 million to help bolster the linebackers corps. The team drafted four linebackers and Mayo missed the first five games with a torn meniscus.
This recipe led to little success for Mayo and he struggled to see snaps in Pat Graham’s defense. Mayo’s run abilities do not overcome his deficiencies in pass coverage which is far more valuable in today’s NFL.
Mayo’s extension included $3.5 million guaranteed that all came off the books this past season. The team can cut Mayo this offseason and get back the full $2.3 million he’s owed this season and $2.5 million owed in 2022. There is no dead cap left on his deal, this seems like an easy decision for the Giants to move on from an overpaid, reserve linebacker.
Kevin Zeitler is a talented lineman but may be too expensive to keep.
Kevin Zeitler and his contract is one of the team’s biggest financial decisions in 2021.
Zeitler has been the team’s most consistent, steady, and trustworthy linemen the past two years. Zeitler arrived in the Odell Beckham trade and helped bring some stability to the right side of the Giants’ line.
Zeitler is one of the team’s highest-paid players. He is an accomplished, proven player who is a great presence on any NFL offensive line.
The problem is the Giants offensive line hasn’t looked very good in either season with Zeitler. He isn’t the problem on the team’s line but the overall unit hasn’t done enough to solidify this current group as the answer for the future.
With Shane Lemieux placed into a starting role and Will Hernandez still looming in the shadows, it could make some sense to release Zeitler and go with the team’s two recently drafted guards to be the guards of the future.
Zeitler will have a $14.5 million cap hit entering the season. If the Giants want to move on from the nine-year vet, they can save $12 million while incurring a $2.5 dead cap hit. That $12 million is a substantial amount of money, especially in such a saturated and uncertain market.
The Giants can use that money to get some talented guys at other positions they lack depth at and incentive some of these deals by front-loading the money in year one or simply keeping some contract offers to one or two-year deals as the salary cap will come back to normal once fans are allowed back in games and the NFL’s constant revenue stream goes back to usual.
How much cap space would above moves create?
After making these moves, the Giants could see themselves getting back approximately $20 million dollars for extra spending in a decisive year for the franchise.
That $20 million allows for the entire draft class to be safely signed along with some money to add some impactful free agents. The Giants have huge needs at receiver, EDGE rusher, and another trustworthy starting cornerback.
Having this extra spending flexibility will be a tremendous help towards improving the roster. New York is coming off a 6-10 season and they haven’t made the playoffs since 2016. Having as much money as possible allows them to be players in the open market and compete with the league’s best to sign key players to the roster.
The NY Giants needs to build the roster up now as much as possible before handing out possible extensions for guys such as Daniel Jones, Saquon Barkley, Jabrill Peppers, amongst more.
The NY Giants have other key decisions to make about current contracts on their books.
Here are some other NY Giants that may see their roster spot or current contract in jeopardy without getting released outright or taking a pay cut to remain with the team:
Nate Solder:
Nate Solder enters 2021 with the same contract he had entering 2020. Solder’s COVID-19 opt-out pushed his contract back a year which made life for the Giants front office that much more difficult.
In his original contract, the Giants’ easy out in Nate’s contract was supposed to be after this 2020 season and to designate him a post-June 1st cut. That would’ve netted the team back $14 million while only eating up $4 million in dead cap. Instead, those figures are pushed back to 2022 instead of 2021 and make things much more complicated for New York.
If the team decides to part ways with their two-year starting left tackle, they will still make him a post-June 1st cut but they will only get back $10 million to eat up $6.5 million in dead space. I’m not sure if it’s worth only getting back a net of $3.5 million for his services so it may be in the team’s best interest to allow Solder to compete for a starting right tackle spot and be a key leader or a top backup on the 2021 offensive line. From there, his Giants’ tenure would end in the 2022 offseason.
Evan Engram:
It’s hard not to address Engram’s contract after such a frustrating, disappointing season from the team’s 2017 1st round pick.
Engram enters year five in New York after having his 5th-year option picked up last offseason. Engram did not live up to his abilities or potential to be a huge mismatch at tight end, especially in the Giants’ struggling offense.
Heading into an uncertain offseason, Engram was named a Pro Bowl tight end despite not nearly deserving the honor. The Giants could try and convince another team to use his services and could maybe fetch a day three pick to salvage his disappointing career in blue.
Engram is due $6 million this upcoming season. None of it is guaranteed so if the Giants want to move on, they easily can, as Engram’s contract does not trigger until the new league year begins. That $6 million could also be very useful elsewhere and hopefully go to a guy who can play well consistently on Sundays instead of being written about as a “breakout player” for 16 weeks straight for about three years in a row now.
The team will likely keep Engram due to his tantalizing talent. With any luck, #88 bounces back from a brutal 2020 year and makes a more positive difference in the new year. The Giants have little-to-no proven commodities at tight end and they would essentially need to start over blank at the tight end position. It’s highly improbable Engram would agree to a pay cut as he enters a contract, prove-it season for the team.
Sterling Shepard:
Sterling Shepard is the Giants’ longest-tenured player. As crazy as that sounds, Shepard is now entering year six in the league and has failed to produce his rookie year numbers now four years in a row.
Shepard has struggled with staying healthy, creating enough separation, and constantly making tough catches to move the chains for first downs. He was a part of a lackluster receiver group which mightily contributed to a bad offense that’s become all too familiar in Metlife Stadium.
Shepard signed an extension with the Giants after they traded Odell away in 2019. Shepard’s 4-year, $41 million extension has not been met with the standards on the field for such a hefty contract.
Shepard has missed 10 combined games since signing the deal, and his two-year totals consist of 123 catches for 1,232 yards and six touchdowns. Those are low-end WR2 numbers in today’s NFL. It’s easy to find a cheaper, younger, and healthier alternative to Shepard who can produce similar numbers to what he’s been putting up four years in a row now.
Sterling’s contract gives the team an out this season. If they designated Sterling Shepard as a post-June 1st cut, the Giants would get $7 million back in the early summer while eating $2 million in dead space. This extra $5 million could go to a more productive wide receiver or further bolster the secondary, offensive line, or pass-rushing department.
Shepard is still a useful, feisty receiver whose best work comes out of the slot. He is one of the faces of the franchise and is a leader for the entire organization. Shep will likely come back in 2021 but needs to start proving his true worth to the coaching staff.
Final Recap
In total, if the Giants were to cut these three additional players, they’d gain another extra $14 million in cap space on top of the $20 million they should stand to add from some logical cuts on the current roster. In total, the final numbers here would see the NY Giants gaining an extra $34 million in cap space which would greatly enhance their current financial status.
The reality is the NY Giants were still a perennial loser this year, losing a double-digit amount of games confirms that. This team needs to get over the hump immediately and it starts with having the opportunity and financial means to aggressively target particular positions and specific players.
It’s highly unlikely all these moves will be made and almost certainly Sterling Shepard and Evan Engram will return in 2021. If the total number from cutting players from this roster does in fact end up being in the neighborhood between $20 and $34 million, the team will be much better suited for an aggressive offseason.