Giants Rumors: Xavier McKinney to Hit Free Agency After NY Opts Against Franchise Tag

The New York Giants will not use the transition tag on safety Xavier McKinney, according to Mike Garafolo and Ian Rapoport of NFL Network, making him a free agent this offseason.

Saquon Barkley also reportedly won't receive the franchise or transition tag, per ESPN's Adam Schefter, meaning two of the team's top players are set to hit the open market.

There were rumors that the Giants might use the $13.8 million transition tag on McKinney, which would have allowed the team to keep him at that figure next season or match any offer sheet he received on the market from interested teams.

Instead, the Giants are facing a free agency period that could see McKinney depart, and he would be a significant loss. The 24-year-old safety is fresh off his best season, as he set career highs in tackles (116), passes defensed (11) and fumble recoveries (two) while adding three interceptions and two tackles for loss.

The Giants are at something of a crossroads as a franchise. Two seasons ago they reached the postseason, but last year was an abject disaster, as the team finished 6-11.

It's possible the team will look to reboot around a young quarterback at the NFL draft and may be less inclined to keep its own veteran free agents on lucrative deals, especially with incumbent quarterback Daniel Jones on a four-year, $160 million deal that would incur $69.3 million in total dead cap if he was cut or traded this offseason.

And it's hard to imagine any team willingly trading for that contract given Jones' mediocre play in his career to this point. Plus, that dead cap hit will significantly lower after the 2024 season, so Jones is going to be with the Giants for at least one more season.

As for players like McKinney and Barkley, they may not garner the sort of vibrant market they'll be hoping for and could always return to New York on team-friendly deals. But that's undoubtedly a gamble for the Giants, who can't particularly afford to lose talented players if they are hoping to retool this offseason rather than begin a multi-year rebuild.

The Giants will be fascinating to monitor this offseason. How they handle free agency and the draft will shed plenty of light on both their short- and long-term plans.