Giants Free Agency: Exploring Impact of New York's Salary Cap

The 2015 NFL salary cap is still several weeks away from being finalized; however, that hasn’t stopped teams such as the New York Giants from planning how they are going to handle some of their upcoming player personnel decisions.

To recap where things currently stand with the cap, the latest projections given to NFL owners at last month’s winter meetings, per Jason La Canfora of CBSSports.com, should fall somewhere between $138.6 million and $141.8 million (if not even higher).

Until the number is finalized—and La Canfora believes it could shoot up even higher than what was initially projected—let’s work with the $140 million figure that Over the Cap is currently using in arriving at $16,921,246 in cap space for the Giants in 2015.  

(Note: Per the NFLPA’s public cap report for each team, the Giants do not have any leftover cap space from 2014 to carry over to the new league year.)

Let’s jump into a detailed look at where the Giants are cap-wise and things that they might be planning to do prior to the start of the 2015 free-agency period.  

Parting Is Such Sweet Sorrow

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Let’s make one thing clear right off the bat: The Giants should bring safety Antrel Rolle back, if at all possible.

While there’s no question that Rolle’s production dipped this season, the 32-year-old safety brings many intangibles to the table.

Those include his durability—he hasn’t missed a game for the Giants since signing with them in 2010—his leadership (he’s a two-time team captain) and his motor.

If there’s a downside to Rolle that might affect the possibility of him re-signing with the Giants, it’s his opinion of what he might be worth.

Rolle is a very confident yet forthright personality who leaves everything he has on the field.

While he admitted last month to reporters that this year was “not my best season," Rolle also pointed out that things could have been a lot worse.

"Am I playing ball? Yes, I am definitely playing ball. I am not giving up touchdowns; I am not giving up huge plays,” he said. 

“I am playing the way I am supposed to be playing," Rolle said. "I am playing multiple roles. Last year I would say was my better year being here with the Giants; this year has been a good year for me."

So where does that leave Rolle, the sixth-highest paid safety in 2014 according to Over the Cap, but who, per Pro Football Focus (subscription required), was ranked 36th out of 40 safeties who played at least 75 percent of their team’s defensive snaps in 2014?

The Giants front office is likely going to look at his production, which include 71 tackles, his lowest in five seasons with the club. The Giants are probably going to look at a 50 percent reduction in interceptions (three) from a year ago when Rolle was a Pro Bowler.

They’re also going to look at a veteran who is going to be 33 years old by the time next season ends and likely conclude that he’s not worthy of a pay raise from last year’s base, even though he is still very much a serviceable player who is a spark plug in the locker room.

The truth is they can’t tie up big money in Rolle, whose next contract will likely be his last in the NFL. During one of his paid radio spots on WFAN last year, Rolle said he believes he has “a lot left in the tank” (h/t Kieran Darcy of ESPNNewYork.com).

The problem is the Giants will likely want to get younger at the safety position. Even if Rolle does return on a two- or three-year contract, would he be willing to take less and accept the possibility that once younger teammates are ready for full-time duty at his position, he’ll be reduced to a part-time role (no pun intended) player?

"We would like to have him back, but again, at the right price," team co-owner John Mara told reporters at his year-end press conference. "What that is, depends on the circumstances."

If Rolle believes he has a lot left to give, chances are he may not be receptive to a reduced contract with the possibility of eventually giving up his starting job should a younger player prove he's ready for the role.

Tag! You’re It!

Seth Wenig/Associated Press

It’s still early, and things are certainly subject to change, but it would not be a stretch to declare that defensive end Jason Pierre-Paul is going to be a Giant in 2015.

First, Pierre-Paul is only 26 years old and is finally over a series of nagging injuries that caused his performance to drop off in 2012 and 2013. Young pass-rushers just entering their prime don’t fall off trees, and teams that have them would be foolish to let them go.

Second, Pierre-Paul is a balanced defensive end who can play the run just as well as the pass. While his numbers might not be popping off the charts from this year, it’s valid to ask how much of that had to do with the other personnel along the defensive line and their effectiveness in drawing double-team blocks.

Third, co-owner John Mara, unlike general manager Jerry Reese who tends to favor the “we’ll keep all our options open” party line, indicated that there is definitely an interest in having Pierre-Paul back.

“We would certainly like him back, but it would have to be at the right price, something that makes sense for us,” Mara said during his year-end press conference with reporters.

“[Pierre-Paul] certainly had a great finish to the season and showed the type of player that he can be and that he will be going forward," Mara said. "I would be very surprised if he was not a Giant next year.”

Mara, who also added that he had “a pretty good idea of what his agent is going to be asking for,” did not rule out slapping the franchise tag on Pierre-Paul, which is expected to be upward of $13 million for defensive ends this year.

“That is certainly one of our options, and we really haven’t fully discussed that yet. … Whether we want to do that or franchise him is something we will have to fully discuss,” Mara said.

What might Pierre-Paul be worth? Using the six-year, $100 million deal Houston gave defensive end J.J. Watt, a deal that also includes $51.8 million guaranteed as a basis, it probably wouldn’t be surprising if Pierre-Paul’s agent proposes something in the neighborhood of five years, $60 million, with half of that total guaranteed.

That would come to an average of about $12 million per year, putting Pierre-Paul right in the same neighborhood as Panthers defensive end Charles Johnson ($12.66 million avg. per year), whose deal includes $32 million of the total $76 million payout guaranteed, per Over the Cap.

Of course, if that’s too rich for the Giants’ taste, there is always the franchise tag, which Mara hinted was not out of the question.

According to CBSSports.com insider Jason La Canfora, the 2015 franchise tag for defensive ends is projected to be $14.68 million based on a $142 million cap.  

There is just one problem with tying that kind of money up on one player. Per Over the Cap, the Giants are currently projected to have $16.921 million in cap space (based on a $140 million cap figure).

If Pierre-Paul is franchised, he and quarterback Eli Manning would combine for $34.43 million of the cap space, or nearly 25 percent of the Giants’ 2015 cap.

The smart thing for the Giants to do is to come up with a multiyear deal for Pierre-Paul that would yield a lower cap figure for 2015.

This would help the Giants—who have 21 total free-agent contracts to replace and who, per Over the Cap, have $3.4 million in dead money on the books for 2015—keep this year and future years as clean as possible regarding dead money. 

Cuts Like a Knife

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Thanks to the salary cap, there really isn’t any such thing as a multiyear contract anymore.

That’s because teams now find themselves in a position where oftentimes they have to bid an unceremonious goodbye to veterans whose skills have declined or who are no longer a fit for what the team plans to do.

The Giants will have several contracts that are likely to end up going the way of the dinosaur. Here is a look at who those players are and the potential cap savings (per Over the Cap) if their contracts are whacked. 

Player	2015 Cap Hit	Cap Savings
DE Mathias Kiwanuka	$7.45M	$4.82M
RB Peyton Hillis	$945K	$945K
RB David Wilson	$2.126M	$1.30M
DT Cullen Jenkins	$2.916M	$2.25M
OL J.D. Walton	$3.125M	$2.50M
TOTAL ESTIMATED  SAVINGS		$11.81M

Flash Analysis

Kiwanuka’s skills have been declining now two years running, largely due to assorted injuries. Most recently, head coach Tom Coughlin told reporters that Kiwanuka underwent a scope on one of his knees.

Regardless of what was found during that scope, Kiwanuka is still probably done if his overall grades of minus-31.5 in 2013 and minus-18.3 in 2014 from Pro Football Focus (subscription required) align with the coaches’ final evaluation. 

Hillis was placed on injured reserve with a concussion, his second known one in as many years. For his long-term future, it might be time for him to call it a career.

Wilson was kept on injured reserve even though his career officially ended last year after he suffered a burner in his already-fragile neck area.

Jenkins has been a solid player for the Giants, but at 33 years old, the team might want to give soon-to-be second-year man Jay Bromley and perhaps a still-to-be-determined free agent a chance to flank Johnathan Hankins in the interior.

Walton, in his first year back following a severe ankle injury suffered in 2012, is probably going to have to step aside to second-round pick Weston Richburg in 2015.

While Walton offers depth at guard and center, his $2.25 million base salary is probably too high for a backup.

Extended Stay

Bill Kostroun/Associated Press

If the Giants want to ensure that two key members of their team’s foundation stick around for several more years and increase their 2015 cap space, they could look to address the contracts of the two players with the highest base salaries on the team.

According to Over the Cap, those two players would be quarterback Eli Manning, who’s due $17 million in base salary, and cornerback Prince Amukamara, whose option year was picked up by the club and who currently carries a $6.898 million base salary which makes up his entire 2015 cap figure.

First, let’s discuss Manning, who is entering the final year of his contract in 2015. One thing the Giants could do is to lop off some of his $17 million base salary and convert that into upfront bonus money that could be spread over the lifetime of the contract.

Along with that, the Giants would also have to tack on extra years to help ease the prorated amount and include a signing bonus to seal the deal.

When it’s all said and done, Manning, who turned 34 this month, could be looking at a three-year extension.

Amukamara’s situation is a bit different. He’s going to be 26 on his next birthday and is entering his prime years.

The Giants could look to rip up the final year of his rookie deal and replace it with a multiyear deal featuring a lower base salary in Year 1 that would better withstand the increase in the final cap figure once the signing bonus, incentives and workout bonuses are included.

Giving Back: Contracts That Could Be Restructured/Renegotiated

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Another way the Giants can help their 2015 salary cap is to make adjustments to some of those contracts that fall within the top 10 as far as a cap hit for the 2015 league year is converted.

Here’s a look at the top 10 contracts for 2015 on the Giants (all data via Over the Cap). 

Player	Base Salary (guaranteed)	2015 Cap Figure
Eli Manning	$17,000,000	$19,750,000
Victor Cruz	$6,150,000	$8,125,000
William Beatty	$5,500,000 $650,000	$8,050,000
Mathias Kiwanuka	$4,775,000	$7,450,000
Jon Beason	$3,600,000 $900,000	$7,366,666
Dominique Rodgers-Cromartie	$4,230,000 $1,250,000	$7,250,000
Prince Amukamara	$6,898,000	$6,898,000
Geoff Schwartz	$3,675,000 $1,000,000	$4,975,000
J.D. Walton	$2,250,000	$3,125,000
Steve Weatherford	$2,175,000	$3,075,000

Let’s look at three contracts from this list that could be adjusted this year.

WR Victor Cruz

Given the horrific nature of the knee injury suffered by Cruz, it would be almost too cruel to ask him to rework his contract, which carries a $6.15 million base salary in 2015.

They might not have a choice. General manager Jerry Reese, in his year-end press conference with reporters, didn’t hesitate in expressing concern as to whether Cruz would ever be the same as he was prior to his Week 6 season-ending knee injury.

“You never know with the significant injury he had,” Reese said. “We are hopeful that he will come back and be the Victor Cruz that we like, but you never know.”

He was then asked if the team will approach Cruz’s situation as it did with running back David Wilson.

“(You do that with) any guy that has a significant injury,” he said. “You’ve got to prepare as if, ‘What if Victor Cruz doesn’t come back?’”

While there is no reason to think that Cruz won’t return, the question that needs to be asked is will it be 2015? That was a question that not even Cruz could answer when he spoke with reporters before Christmas:

"

I don’t know. It’s kind of up to the trainers. I like to put it in those guys’ hands to see how far they think I’m progressing, but personally, I’d like to be back by training camp, obviously, so I can get back with the guys and get that work in that I need before preseason and before the regular season starts up again.

"

The good news regarding Cruz is that he is very early in his new contract, which isn’t set to expire until 2018. If the Giants wanted to attempt to work out a restructuring of his 2015 base salary, there are plenty of years left for them to absorb any money converted into a bonus in future years.

LB Jon Beason

Beason’s situation is potentially a little more cut-and-dried than it initially appeared.

First, with Mark Herzlich, Spencer Paysinger and Jacquian Williams all set to be unrestricted free agents, it probably doesn’t make sense for the Giants to create another hole in an already-thin unit, especially if of those three, only Herzlich appears to be the most logical one to re-sign.

Second, it makes zero sense to cut Beason from the roster now and replace him with a younger veteran given the cap hit the Giants would have to take ($3.833 million).

It makes much more sense for the Giants to keep Beason, draft a young player to succeed him and let Beason mentor the youngster for at least a year given the high level of responsibility that comes with playing the “Mike” linebacker.

So what about Beason’s cap number and his injury history? His $3.6 million base salary, $900,000 of which is guaranteed (per Spotrac), isn’t bad for a starting veteran middle linebacker given his resume.

However, it remains to be seen if the Giants are still comfortable with the terms of the deal in Year 2.  

P Steve Weatherford

Weatherford was a surprise target in 2014 for a contract restructuring. Per Over the Cap, the Giants converted $900,000 of Weatherford’s 2014 base salary into a bonus that will be prorated over the remainder of the contract. That left him with a $900,000 base salary in 2014.

In 2015, Weatherford’s base salary is due to shoot up to $2.175 million, the bulk of his $3.075 million cap hit.

With two years remaining on his contract, the Giants could potentially look to deploy a similar tactic as they did with him in 2014, where they convert part of that base salary into a bonus.

The more likely scenario is they might peg him for a straight-out pay cut given that he finished 21st out of 27 punters who played in all 16 games in 2014, per Pro Football Focus (subscription required).

While it needs to be acknowledged that Weatherford gutted out the entire season with a badly sprained ankle and a back ailment, it’s unlikely that management is going to factor this heavily into a decision if it indeed seeks to re-do the punter’s contract. 

Patricia Traina covers the New York Giants for Inside Football, the Journal Inquirer and The SportsXchange. All quotes and information obtained firsthand unless otherwise sourced. Follow me on Twitter @Patricia_Traina.