The Giants were one of the eight teams we mentioned that needed to find a way to create cap space before Thursday’s deadline next week and they did just that with a restructure of QB Daniel Jones’ contract, which was signed just this past March.
The Giants have restructured the contract of QB Daniel Jones, converting $8.42M of his base salary into a signing bonus and creating $6.315M in cap space, per source.
— Field Yates (@FieldYates) September 4, 2023
As reported by Field Yates, converting the $8.42 million created $6.315 million in much needed cap room for New York. This reduced Jones’ 2023 cap number from $21.75 million to $15.435 million. The restructure brings the Giants to about $1 million under the salary cap.
Jones cap numbers in the next three years will each rise by $2.105 million. His new cap number in 2024 will be $47.1 million, which is the 5th highest in the NFL next year. The Giants rank near the top third in projected cap room next year so they should have an easier time next year handling a number like that. His 2025 cap number will be $41.6 million, currently ranked 10th in the league. In 2026 the cap figure explodes to $58.6 million,3rd highest among active contracts that year, in what is clearly designed to be an extend or cut season.