Giants Rumors: Darren Waller Restructures Contract After Trade; NY Opens $7.9M in Cap

After being acquired by the New York Giants, star tight end Darren Waller reportedly helped his new franchise gain some cap relief.

According to ESPN's Field Yates, the Giants have converted $9.8 million of Waller's base salary into a signing bonus, creating $7.9 million in cap space for the 2023 season.

The Giants sent a third-round pick to the Las Vegas Raiders on Tuesday to acquire Waller. New York has been looking to bolster its receiving corps for quarterback Daniel Jones this offseason after no player on the team recorded 1,000 receiving yards in 2022. On Thursday, the team reached an agreement with wideout Parris Campbell and also re-signed Darius Slayton, who was its leading receiver last year.

After establishing himself as one of the best tight ends in the NFL with back-to-back 1,000-yard seasons in 2019 and 2020, Waller's production dipped over the last two years as he has been plagued by multiple injuries. He appeared in 20 combined games over that span, failing to make the impact that's come to be expected of him.

In 2022, Waller recorded 28 catches for 388 yards and three touchdowns in nine games. The Raiders had signed him to a three-year, $51 million extension in September, making him the highest-paid tight end in the league. The Giants will have him under contract for the next four seasons.

If Waller can return to form, the Giants will undoubtedly benefit from his presence within the offense. He would quickly become the go-to red zone target for Jones, who is coming off his best season as a professional and cashed in on a big-money deal earlier this offseason.