Daniel Jones didn’t play one game on his new contract before it was tweaked.
The Giants converted $8.42 million of Jones’ base salary into a signing bonus Monday and thus created $6.315 million of salary-cap space, as first reported by ESPN.
Prior to the move, the Giants were just $4.79 million under the cap and only the Buccaneers and Raiders had less breathing room.
The additional relief likely is just operational accounting and not a harbinger of a big transaction on the horizon.
It is notable that general manager Joe Schoen opted to restructure the four-year, $160 million contract that Jones signed in March rather than the deals for defensive tackle Leonard Williams or cornerback Adoree’ Jackson, both of whom were logical candidates.
Williams’ $32.26 million cap hit is the largest in the NFL for any non-quarterback and Jackson’s $19.08 million charge is the second-largest on the team after Jones’ restructuring dropped his figure.
Both Williams and Jackson are free agents after the season, so restructuring their deals could’ve pushed dead money into the 2024 cap when the Giants are projected to have $46.8 million in cap space.
Jones’ new cap hit for 2023 is $15.45 million, down from $21.8 million, according to Spotrac.
On the other hand, his numbers in the next three years jumped to $47.1 million, $41.6 million and $58.8 million, respectively.
Perhaps most significantly, if the Giants want to cut ties with Jones after the 2024 season, the amount of dead money on the 2025 salary cap just increased from $18 million to $22.2 million.
One of the team advantages of Jones’ mega-extension is that it allows the Giants a reasonable out after two years if it turns out that last season’s breakthrough was a fluke.
Players do not have to agree to the kind of restructuring that the Giants arranged.
This way, Jones gets his cash sooner and the Giants free up space because salaries count on one year of the cap whereas signing bonuses are prorated over the life of a contract (up to five years).
WR Parris Campbell had back-to-back practices off last week to take “care of his body,” but Campbell “is fine” and was back on the field Monday, per head coach Brian Daboll.
Media was not permitted at practice.
Daboll referred to Wednesday’s league-mandated injury report for all other updates.
WR Darius Slayton has led the Giants in receiving three times in the last four seasons, topping out at 751 yards. In the new, downfield-threatening offense, is he eyeing 1,000?
“I think every receiver would love to be able to say, one day when I retire, I’m old and my knees don’t work anymore, you know I can tell my kids I had a 1,000-yard NFL season at one point,” Slayton said. “It’s a nice benchmark to have, but obviously to get there you have to start with game one first.”
Newly acquired LB Isaiah Simmons’ Week 1 role remains a bit of a mystery, but his talent does not.
“His abilities jump off the charts,” cornerback Jackson said. “A guy that can do a little bit of everything and does it well.”
The Giants placed practice-squad WR Cole Beasley on injured reserve and signed WR Cam Sims to fill his roster spot.
