New York Giants Will Need to Make More Room Under the Salary Cap: Before I explain what needs to be done, let me display the cap numbers for all 53 players on the roster:
|CAP # RANK||PLAYER||POSITION||2013 CAP NUMBER|
|21||Zak DeOssie||LONG SNAPPER||$1,049,000.00|
|31-38||Louis Murphy, Jr.||WR||$620,000.00|
The total for the Top 51 cap numbers, as indicated above, is $111,375,308.
- The total for the Top 53 cap numbers is $112,196,782.
- The entire 53-man roster will count on the cap instead of just the to 51 cap numbers.
- at minimum this will take up an extra $810,000 in cap room.
- The Practice Squad will count.
- at minimum this will count an extra $816,000.
- Players on the Reserve/PUP List
- Markus Kuhn’s 2013 cap number is $491,474.
- He very likely has a salary split though which reduces his cap hit $177,000 down to $314,474.
- Players on Injured Reserve.
- The Giants have two right now: Stevie Brown (his cap number is $2,023,000) & Ramses Barden (who has a cap number of $620,000).
- Barden is probably going to receive an injury settlement in the coming weeks though instead.
- Right now, the total amount for the Giants is $2,643,000.
- Players who receive Injury Settlements (see the table of Roster Designation below).
- Injury Settlements work as stated in the article below:
- What Exactly are Injury Settlements? – by Jason Fitzgerald of overthecap.com | August 29, 2013
- The Giants have 8 players who were waived/injured; all of them are going to receive injury settlements.
- They are Antonio Dennard, Jeremy Horne, Kris Adams, Chris DeGeare, Keith Carlos, Laron Scott, Tyler Sash, & Selvish Capers.
Teams will need to be cap compliant with regular season salary cap rules though by 4 pm ET on Wednesday, when league business hours cease. The Giants will need to make some moves based on the numbers I have below. First here is the Salary Cap breakdown with respect to the Top 51 Rule:
Now here are the Salary Cap Calculation projections with the Regular Season Salary Cap Rules in effect:
- As can be seen in the Regular Season Salary Cap Rule projections, the Giants are going to over the cap if they don’t make a move or two.
- The negative figure if $1,803,236 does not include additional cap space due to Andre Brown being placed on Temporary IR; his cap number will still count in full, but another player’s cap number will be added that which will cost around $555,000 for the season.
- If you add that to the figure then you get $2,358,236.
- In addition to this there are the Injury Settlement amounts.
- If you estimate each one to roughly $100,000 per player for 8 players, then you get another $800,000.
- The overage total would then be $3,158,236.
- If you add another $1,000,000 in emergency funds/fudge money, then that total comes out to $4,158,236.
- This amount of $4,158,236 is pretty close to how much cap room that the Giants will need to create by no later than 4 pm tomorrow, which is roughly 24 hours from the time of this post.
- They will have to restructure or extend the contract of a player or two in order to create this cap room; the question then inevitably becomes who can they agree to this with on the team now?
- Justin Tuck is in the last year of his deal, so the Giants’ only option with him would be to tack on a voidable year and create some cap room that way (they gave Osi Umenyiora this kind of deal last year, only not for the puupose of creating cap room), but then that would create Dead Money for the team on it’s 2014 salary cap, so that option is not the best.
- Steve Weatherford’s contract would up to $738,750 in cap room, which wouldn’t be enough for the Giants to get by. It would help, and could be a complimentary option in addition to restructuring another big money player, but is not a primary option to create the necessary $4,158,236 in cap room, although it would reduce the total to $3,419,486 making it easier to restructure the deal of a guy like Snee, Eli, or Rolle.
- Eli Manning’s contract could be restructured or extended to help this year, but it is more likely that the Giants will wait to change his contract around by extending him next year, giving the Giants the much needed room that they will need then to attempt and re-sign players like JPP, Nicks, and Joseph. I wouldn’t be surprised if they turned to Eli for help this year, but I think it’s more likely that they wait until next ear to do so, and instead turn to Snee or Rolle.
- Antrel Rolle is a guy who does not like to get his contract restructured; he hasn’t had it changed since he has signed here a little over 3 years ago, so while he would be an ideal candidate for a restructure, it may not be the most realistic. An extension is possible with him, but may not be optimal due to his age. This then leaves us with one more option: Snee.
- Chris Snee has consistently helped the Giants out in recent years when it comes to restructuring his deal. He did it last year by agreeing to having his contract restructured on September 8th, just before the Top 51 Rule ceased and the Giants’ season opener against Dallas at MetLife Stadium. I think he’s the logical choice to help out again this year.
Teams are allowed to restructure the contracts of players as many times as they like during a season. The one year rule of not changing a player’s contract that people sometimes misunderstand has to do with salary increases only, as former NFL agent Joel Corry of the National Football Post wrote to me in an email. This makes Snee eligible to help the Giants out again this year.
Snee has two years left on his contract, including this season. His $6,700,000 base salary this year can be reduced to as little as $840,000. This is the veteran minimum for a player who has 9 accrued seasons, such as Snee. The difference of $5,860,000 would then be divided in two, creating $2,930,000 in added cap space. It would also increase his 2014 cap number by $2,930,000 from $9,000,000 to $11,930,000 and would also decrease his cap savings amount in 2014 by that amount from $7,000,000 to $4,070,000.
The odds are that there will be two restructures, in any of these two combinations:
- Snee/Rolle + Weatherford/Tuck
- Snee + Rolle
All these permutations and combinations are a moot point unless the Giants go to the Bank Eli tomorrow. They could simply restructure or extend his deal now, and gain the room they need as a result. Eli’s cap number of $20,850,00 is by far the highest on the team. He has 3 years left on his deal, including this season, so there’s room for them to work with if they go that route. It’ll be interesting to see what happens in the next 24 hours or so in this regard. During the season, the Giants can also go back to any of the same players that they restructured before (if they still have enough leeway in their contracts of course), and ask them for more cap help if the need should arise. One way or the other, we’ll see an announcement made about what happens with regards to these possible contractual restructures or extension(s) by Wednesday for sure.