Contracts Giants Must Consider Cutting in 2023 Offseason

Last offseason, Joe Schoen took over as the general manager of the New York Giants, while Brian Daboll was hired to be the team's head coach. Those moves paid immediate dividends, as the Giants ended a five-year playoff drought by going 9-7-1 and earning an NFC wild-card berth in the 2022 NFL season.

Now, New York will look to build off that positive momentum this offseason. However, it'll be a crucial time for the Giants, as they have several key players slated to hit free agency, such as quarterback Daniel Jones and running back Saquon Barkley.

The good thing for New York is that it has quite a bit of financial flexibility. It's projected to have $44.9 million in available cap space (per Over The Cap), so they should be able to spend a good bit of money in order to retain their stars and bring in additional talent.

The Giants may clear even more cap space over the next few months. Here's a look at several players New York may want to consider cutting this offseason in order to do so.

Kenny Golladay, WR

AP Photo/Matt Rourke

New York Giants wide receiver Kenny Golladay in action before an NFL football game, Sunday, Jan. 8, 2023, in Philadelphia. (AP Photo/Matt Rourke)

The Giants expected to get a ton of production out of Kenny Golladay when they signed him to a four-year, $72 million deal ahead of the 2021 season. Instead, he's greatly underperformed and not lived up to expectations after he thrived with the Detroit Lions for much of 2017-20.

Golladay didn't even see the field much for New York in 2022, as the 29-year-old was benched early in the season. He finished with six catches for 81 yards and a touchdown in 12 games (only four of which were starts). That TD came in Week 18 and marks the only time he's gotten into the end zone since coming to New York.

If the Giants opt to release Golladay this offseason, they'll have to pay $14.7 million in dead cap. Still, they'd be saving $6.7 million, which may seem worth it, considering Golladay doesn't even really have a role with the team anymore.

Unless New York is optimistic that Golladay can return to his early-career form (which seems unlikely at this point), it's probably best to cut ties now. Especially because the Giants will then have a bit more money to spend this offseason.

Adoree' Jackson, CB

AP Photo/Steve Luciano

New York Giants cornerback Adoree' Jackson (22) in coverage during an NFL football game against the Dallas Cowboys, Monday, Sept. 26, 2022, in East Rutherford, N.J. The Dallas Cowboys won 23-16. (AP Photo/Steve Luciano)

Another player in a similar situation as Golladay is cornerback Adoree' Jackson. The Giants would have to pay a good bit of dead cap if they release him ($10.5 million), but they'd also be saving a decent amount of money as well ($8.6 million).

However, Jackson is a more productive player than Golladay. Although Jackson was limited to 10 games this past season due to a knee injury, the 27-year-old still recorded 51 tackles, seven passes defended, two fumble recoveries and one forced fumble.

Jackson has made only 10 or fewer starts in three of the past four seasons, so staying healthy has been a bit of an issue. But the USC product has been worthy of playing time when he's been able to get on the field.

Still, New York may want to at least consider cutting Jackson, if it believes it will need the additional cap space. Otherwise, he could have a starting role for the Giants again in 2023.

Leonard Williams, DL

Tim Nwachukwu/Getty Images

PHILADELPHIA, PENNSYLVANIA - JANUARY 21: Leonard Williams #99 of the New York Giants looks on against the Philadelphia Eagles during the first half in the NFC Divisional Playoff game at Lincoln Financial Field on January 21, 2023 in Philadelphia, Pennsylvania. (Photo by Tim Nwachukwu/Getty Images)

Should the Giants cut Leonard Williams this offseason? Probably not. Is it something to at least consider? It likely has to be, given the 28-year-old defensive lineman is earning $32.3 million in the 2023 season.

However, New York should realize that releasing Williams may not be the best choice. It would still have to pay $20.22 million in dead cap, so it would only be clearing up $12 million in cap space. Plus, Williams was solid when healthy this past season, recording 45 tackles and 2.5 sacks in 12 starts.

So the best move may be for the Giants to try to restructure Williams' contract. And it seems that's a possibility, as he said earlier this month that he'd "consider" taking a pay cut, according to SNY's Connor Hughes.

If New York is unsuccessful in making that happen, then it will have to reconsider what to do with Williams' large salary. But for now, the Giants' top motive should be trying to get that number down a bit.