It’s Black Friday, and while the rest of the NFL is gearing up for the postseason or fine-tuning playoff rosters, the New York Giants are staring at one of the most underwhelming seasons in franchise history.
At 2-9, the Giants aren’t just underperforming on the field. They’re stuck with a financial picture that doesn’t reflect the talent on the roster.
According to Spotrac, the Giants currently have only $4.09 million in salary-cap space for the 2024 season, which ranks them 25th in the league. With a total of $256.3 million in cap allocations, including an eye-catching $80.5 million in dead cap (the second-highest in the NFL), it's difficult to justify the disappointing performance on the field.
The New York Giants' highest-paid players in 2024
A quick glance at the Giants' biggest cap hits for 2024 shows where much of the money is going:
- Brian Burns (OLB): $15.5 million
- Dexter Lawrence (DT): $14.57 million
- Kayvon Thibodeaux (OLB): $8.55 million
- Darius Slayton (WR): $7.95 million
- Graham Gano (K): $7.2 million
Here’s a quick breakdown of the Giants’ major cap categories this season:
- Total Cap Allocations: $256.3 million (5th in the NFL)
- Dead Cap: $80.5 million (2nd in the NFL)
- Reserve Lists: $26.6 million
- Cap Space: $4.09 million (25th in the NFL)
That $80.5 million in dead cap includes significant hits for players no longer on the roster, including Daniel Jones and Leonard Williams. The G-Men knew they'd eat a lot of his contract, but it shows how poorly this team has managed its players' payments. Dead cap money counts against a team’s salary cap for players no longer on the roster, typically from unpaid bonuses or guaranteed money in their contracts.
Daniel Jones’ release looms large over the Giants’ cap situation. After signing him to a four-year, $160 million extension in 2023, the team released him this season, choosing to absorb the financial pain to avoid long-term damage.
Jones' release left the Giants with an $18.55 million dead cap hit in 2024 and a larger $22.21 million dead cap charge in 2025. While this move saved the team $19.395 million in 2025 cap space compared to keeping him on the roster, it’s a costly reminder of the dangers of prematurely committing to a quarterback without consistent production.
The decision effectively clears the books after 2025, but it handicapped the Giants in the short term. Cutting Jones was the right move given his performance, but it’s still a tough pill to swallow for a team trying to rebuild.
While 2024 is shaping up to be a financial and on-field disaster, the Giants have reasons for optimism heading into 2025. According to, the team will have $63.5 million in cap space, giving them the flexibility to target impactful free agents.
However, much of that cap space could evaporate quickly depending on the team’s strategy. New York's general manager Joe Schoen can’t afford to repeat past mistakes, as more big-money missteps will only prolong the inevitable rebuild.
The Giants' salary-cap situation reflects a roster mismanaged over multiple seasons. While 2025 offers a chance for a financial reset, it'll take discipline to turn that cap space into a winning team. On this year’s biggest shopping day, Giants fans can only hope the front office spends more wisely in the future.