Giants Rumors: Sterling Shepard Discussing Pay Cut in Contract Before Free Agency

Coming off three straight injury-plagued seasons, Sterling Shepard might have to rework his contract if he wants to remain with the New York Giants. 

Per Ryan Dunleavy of the New York Post, the Giants have asked Shepard to take a "significant pay cut in order to return on a shortened one-year contract" for the 2022 season. 

Pat Leonard of the New York Daily News noted the two sides haven't discussed specific numbers, but the Giants still value Shepard as a part of their offense. 

Shepard has missed at least four games in four of his six NFL seasons. The 29-year-old missed seven games in 2021, including each of the final three weeks after suffering a torn Achilles in Week 15 against the Dallas Cowboys. 

The Giants made Shepard's contract status more complicated before the start of last season. They restructured his deal in September by converting his 2021 base salary into a signing bonus and increasing his cap hits for the next two seasons:

Per Spotrac, Shepard has an $8.475 million base salary in 2022 and will count $12.495 million against the cap. He has a $7.99 million dead cap hit if the Giants trade or release him. 

The Giants are currently $5.8 million over the cap. They have reportedly been shopping Saquon Barkley, and NFL reporter Jordan Schultz noted two different teams that have called about the running back say New York's asking price is "very significant."

A second-round pick by the Giants in 2016, Shepard has been a productive player, including scoring eight touchdowns as a rookie. 

The 2018 season was the last time Shepard didn't miss a game. During that campaign, he set career highs in targets (107), receptions (66) and receiving yards (872). 

Despite playing only seven games in 2021, Shepard finished fourth on the Giants with 366 receiving yards.