The New York Giants finally solved their cap nightmare. But they did it in one of the riskiest ways they could have. According to ESPN's Field Yates, hours before the start of the regular season, the front office restructured Andrew Thomas’ five-year, $117 million contract and freed up $12.2 million in 2025 cap space. They really had no other option. They were just about $9.6 million over the cap and couldn’t field a roster without making a move.
The restructure brings them to roughly $3 million under the threshold. It’s a temporary fix, and some more cap gymnastics are likely on their way. But this one is the headline, and it comes with plenty of nuances. Thomas is still recovering from Lisfranc surgery. He hasn’t played a full-speed NFL snap in nearly a year. And now he carries an even bigger cap hit every year through 2029.
Before the restructure, Thomas was set to carry a $21.087 million cap hit, second only to Dexter Lawrence. That number’s been slashed... but it comes at a cost. His cap hits from 2026 through 2029 will each increase by about $3.05 million.
Giants create $12.2M in cap room by restructuring Andrew Thomas’ deal
Thomas’ base salary for 2025 was fully guaranteed at $16.4 million. He also stood to collect a $58,823 bonus for every game he was active — up to $1 million total. If he misses Sunday’s opener, the G-Men receive that amount back in credit, which would go toward standard game-day call-ups.
Thomas returned to practice in full pads this week, but there’s still no official word on whether he’ll be active against Washington. He remains listed as limited, and Daboll hasn’t said much beyond the usual day-to-day updates that give fans absolutely nothing.
Given all that, it’s fair to question the decision. There were other players they could’ve targeted — Dexter Lawrence, Jon Runyan Jr., Graham Gano, perhaps even Bobby Okereke again. Instead, Schoen picked the 26-year-old left tackle with major injury history, adding dead money to the backend of an already pricey (and risky) deal.
It’s definitely a calculated risk. Thomas, when healthy, is still one of the best left tackles in football. But he’s missed 18 games over the last two seasons, and there’s no guarantee he’ll even be available Sunday. It's wait and see now, as 300-pounders with foot problems tend to age poorly.
Talk about a classic cap move: kick the can down the road and deal with it later. Regardless, there's no time like the present and all eyes will be on the final injury report ahead of Sunday's season opener.