The New York Giants recently restructured the contracts of veterans David Baas and Mathias Kiwanuka in an effort to get further under 2013's salary cap. Corey Webster helped that cause by taking a pay cut. By adjusting the contracts of Baas, Kiwanuka and Webster, the Giants will save about $6 million that they can put towards re-signing key players Kevin Boothe and Hakeem Nicks.
David Baas was owed $4.25M in 2013 but that number was reduced to $1.25 million. The $3M difference was converted to a signing bonus, and will be paid to him evenly over the remainder of his contract. He will count $4.725M against this year's cap.
Corey Webster was set to earn $7M in base salary this year, which is the final year of his $37 million dollar contract he signed in 2008. However, Webster's contract isn't being restructured, rather Webster agreed to take a pay cut bringing his base pay to $4.25M this year according to the NFL Network. This move saves the Giants $2.75 million against this year's $123.9M salary cap.
These moves made by the Giants saves them $8M against the salary cap. Add the $1M cap credit granted last year, the Giants now find themselves $9M under the cap this year.
The next few moves the Giants are expected to make include tendering their restricted free agents Victor Cruz, Stevie Brown and Andre Brown. Pat Traina from Inside Football speculates what tender the team will place on each RFA and how they will impact the team's cap situation.
- A. Brown (entered NFL as 4th-round draft pick): $1.323M (original round tender)
- S. Brown (entered NFL as 7th-round draft pick): $2.023M (2nd round tender)
- V. Cruz (entered NFL as undrafted free agent): $2.879M (1st round compensation)
- R. Torain (entered NFL as 5th-round draft pick): unlikely to be tendered
If these are the tenders the Giants place on the above players, that will use about $6.225M of their available salary space, leaving them roughly $2.775M to play with once free agency starts March 12.
The Giants will also need enough space to sign the incoming rookie class. Traina also mentions that cutting Ahmad Bradshaw and Chris Canty could count as post-June 1st moves, which would give the Giants extra cap credit after June 1st. Bradshaw had a $5M signing bonus that would be paid to him over each year of his contract, which comes to $1.25M a year. That would grant the Giants $1.25M in cap space this year but would cost them $1.25M in dead money in 2014.
The same situation would apply to Canty's deal also. He had an $8.5M signing bonus that was to be paid over each year of his deal ($1.7M per year), and still had two years left on his deal before being cut. That gives the Giants a $1.7M credit towards this year's cap, but will count against them in 2014 as dead money.
If both moves are considered post-June 1st transactions, the Giants could see an extra $2.95M in cap space that will be plenty to sign their rookies, and perhaps add an extra veteran free agent or two.
Note: Jim Cordle, Adrian Tracy and Justin Trattou, all exclusive rights free agents (ERFA), have been tendered. Once those deals are official, their minimum salaries will also count against the cap.
Also…Ahmad Bradshaw, Andre Brown, Chris Canty, Corey Webster, David Baas, Football, Hakeem Nicks, Kevin Boothe, New York, New York Giants, NFL, Stevie Brown, Victor Cruz