New York Giants, Sterling Shepard restructure contract to create cap space

Wide receiver Sterling Shepard will return to the New York Giants in 2022, on a restructured contract agreed upon Thursday

The New York Giants and wide receiver Sterling Shepard agreed to a restructured contract, sources confirm to FanSided Thursday.

Ian Rapoport and Mike Garafolo of the NFL Network were first to report the news.

New Giants general manager Joe Schoen has set out to create upwards of $40 million in new cap space prior to the new league year beginning next week, and reworking Shepard‘s contract is another step in that direction.

Shepard, the longest-tenured Giant, will return for the 2022 season after rupturing his Achilles tendon in Week 15 against the Dallas Cowboys.

Why New York Giants restructured Sterling Shepard’s contract

Multiple reports emerged from the NFL Combine last week that the New York Giants had approached Shepard about taking a pay cut in order to stay in East Rutherford.

The New York Giants entered Thursday at approximately $7.6 million over the cap, so it is little wonder that the organization would approach Shepard about restructuring his deal.

Prior to reworking his contract, Shepard was set to count $12.49 million against the cap in 2022.

Through the first six seasons of his career, Shepard has caught 349 passes for 3,884 yards with 21 touchdowns. Shepard caught 36 passes for just 366 yards and one touchdown during the 2021 campaign, before his season-ending injury.