Last week marked the beginning of the end of an era for the Giants, who benched Eli Manning, the quarterback who had started every game for the team since Nov. 21, 2004. Such a stunning move illustrates how far the Giants have fallen following a massive spending spree and playoff appearance in 2016 that had many fans dreaming of Super Bowl.
A move like this generally means a franchise is about to go through a major overhaul, which began with Monday's firing of head coach Ben McAdoo and general manager Jerry Reese. Considering the Giants are likely to finish with a top three draft pick, that overhaul likely will continue with a new quarterback.
With that in mind, let’s take a peek at 2018 salary cap and see what might lie in store for the Giants.
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The Giants are currently estimated to have about $28 million in cap room next year, which is around the middle of the pack in the NFL. That number includes Manning at a $22.2 million cap figure. It seems unlikely that Manning will be back with the team next season unless New York fails to draft a quarterback, and/or unless the wounds created by Manning’s benching are healed in the offseason.
Manning has a $5 million roster bonus due on the fifth day of free agency, so the team will need to release him before that date. The Giants also could look to trade Manning, but he has a no trade clause in his contract he would need to waive. In either case, the salary cap treatment is the same — the Giants would have $12.4 million in dead money for Manning on the books. That $12.4 million represents $9.8 million in additional cap room.
Beyond Manning, the Giants’ moves that should be a given are the release of receiver Brandon Marshall, special teamer Dwayne Harris and cornerback Dominique Rodgers-Cromartie. Those three players count for $18.706 million against cap. Cutting all three players would cost the Giants just $4.6 million in cap room, opening up another 14.1 million.
Those four moves would expand the Giants’ cap room in 2018 to about $50 million, which would move them close to the top 10 in the NFL. This is where things would get interesting.
As mentioned before, the Giants went on a big spending spree in 2016. And more often than not, free agent acquisitions have a useful life of, at most, three seasons. The players in question for New York are cornerback Janoris Jenkins, defensive end Olivier Vernon and defensive tackle Damon Harrison. Those three players earn $32 million and count for $38.6 million on the salary cap. Each would save on the cap if released.
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Of the three, Jenkins is the most likely to be released. He was suspended by the team this year, and the secondary has struggled all season. Of the big contracts the team signed, this was the most questionable, and while Jenkins lived up to it in 2016, he is nowhere near that player this season. The Giants would create $7 million in cap room by cutting him.
Vernon is the most interesting decision. He was able to create a ton of interest in free agency to drive up his price to a level hard to justify with performance, but he is still an above-average player. Vernon has been injured most of the season, so his numbers are way down. The question: Do the Giants chase one more year and hope he stays healthy, or do they cut ties?
Vernon’s salary currently is guaranteed for injury, and it becomes fully guaranteed on the third day of the 2018 league year, so there is a window in which he could be released. The team would only save $5 million in 2018 by cutting him, but it would save itself another $13 million that could be used in the future. It’s probably a given that Vernon will be retained if only to avoid carrying $12 million in dead money. A new GM makes things less certain, but I'd lean toward New York honoring the contract for one more season, especially since Vernon is young. That bounce-back year is a reasonable expectation.
Harrison is probably safe no matter who is in charge, unless someone knocks the Giants out with a good trade package. He already has $2.5 million guaranteed for next season, and cutting him would only create $2.3 million in cap space. He remains one of the best run defenders in the NFL.
Jason Pierre-Paul is already locked into his contract with no escape other than trade, so keeping Harrison and Vernon would give the Giants — on paper, at least — a solid defensive line, which should help the team even while rebuilding next season.
The first move of the Giants’ offseason should be extending Odell Beckham Jr. Their offense fell apart without him this year, and the last thing they can have is an unhappy Beckham paired with a young QB. The wide receiver will cost over $17 million per year, but there is no reason to waste time on the extension. He already counts for over $8 million next year on the cap, so an extension should not impact his cap charge.
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The other two decisions deal with the offensive line. Guard Justin Pugh is set to be a free agent, and guards are pulling down around $10 million per year in free agency — likely what the Giants will need to spend in order to keep him. Center Weston Richburg spent most of this year on IR and should not be that expensive to retain. Centers generally earn less than $6 million per year unless they are considered elite.
Both lineman should be back given the Giants’ woes on the offensive line and lack of options in free agency this year. Even locking both up should keep the Giants around $40 million in cap room to try to fill some voids and put some talent around a new quarterback.
They might not spend most of that money and instead hold it for the future. But the salary cap should not limit whoever is the next Giants general manager.