Evan Engram, Jabrill Peppers, Giants Free Agents' Projected Contracts

The New York Giants find themselves in a sticky cap situation heading into 2022 free agency.

New York is projected to be $5.8 million over the cap and has a few notable contributors heading to free agency.

"We have to make some tough decisions here in the near future just to get in a place where we can sign draft picks and be below the cap," general manager Joe Schoen said in February, per Paul Schwartz of the New York Post. "There's a fine line, because you can't purge."

Schoen and the Giants did purge a couple of players—running back Devontae Booker and tight end Kyle Rudolph—from the roster recently, and more cap-related cuts could be coming. The next step will be figuring out the impending free agents to keep and who to let walk.

With this in mind, let's examine three of New York's top 2022 free agents and the contracts they are likely to receive on the open market. Factors like past production, health, age, upside and positional value will be considered.

A complete list of the Giants' impending free agents can be found at Spotrac.

Evan Engram

Corey Sipkin/Associated Press

With Kyle Rudolph out, the Giants may take a long look at retaining fellow tight end Evan Engram. The 23rd overall pick in the 2017 draft, Engram has flashed promise over the years but has had his fair share of struggles too.

Engram had 1,299 yards and nine touchdowns over his first two NFL seasons and was a Pro Bowler in 2020. However, he has also struggled with drops so is hard to consider a reliable target for quarterback Daniel Jones. He's been credited with 17 drops over the past two seasons and has provided a passer rating of 80.2 or below when targeted during that span.

Pro Football Focus projects a two-year, $18 million deal for Engram with $10 million guaranteed. This feels high for a couple of reasons.

For one, tight ends like David Njoku, Zach Ertz, Mike Gesicki and Dalton Schultz are also headed to market and will hurt Engram's value. Second, Engram doesn't provide much as a run-blocker and has been inconsistent as a pass-catcher, making him very much a feast-or-famine receiver.

A one-year, prove-it deal feels logical for Engram, who could showcase some consistency before heading to a 2023 free-agent pool that shouldn't be as deep at tight end.

Contract projection: One year, $9 million, $4 million guaranteed

Jabrill Peppers

Daniel Kucin Jr./Associated Press

The Giants have a tricky evaluation to make with safety Jabril Peppers. Acquired from the Cleveland Browns as part of the Odell Beckham Jr. trade, Peppers has been a largely reliable starter for New York over the past three years.

In 2020, Peppers logged 91 tackles, 2.5 sacks, 11 passes defended and an interception while allowing an opposing passer rating of 89.8 in coverage. However, Peppers was more of a liability in coverage this past season (122.1 opposing passer rating) and suffered a torn ACL in late October.

Because of the injury, Peppers may not be ready to start the 2022 season and carries some degree of health concern. Because of this, another prove-it deal is likely.

Pro Football Focus projects a one-year, $5.5 million deal for Peppers. That's a fair number given the ACL injury, but it wouldn't be a shock to see Pepper garner just a bit more. He's a versatile and proven player and still only 26.

New York has a solid secondary and probably won't prioritize Peppers at this price point, but if he's somehow available below market, bringing him back would make a ton of sense.

Contract projection: One year, $7 million, $3 million guaranteed

Nate Solder

Steve Luciano/Associated Press

Offensive tackle Nate Solder never quite lived up to the four-year, $62 million deal he signed in 2018 free agency. However, Solder was serviceable in 2021 and has been incredibly durable during his time with the Giants.

Solder hasn't missed a game because of injury since 2016—he opted out of the 2020 season and missed one game while on the COVID-19 list in 2021.

The 33-year-old isn't likely to command a ton of attention on the open market, and for the right price, he could make sense as a depth/insurance piece for the Giants. Armed with two top-10 selections, New York should address its line in the draft, but Solder would provide abundant staring experience.

Pro Football Focus projects a one-year, $5 million deal for Solder. While that feels low for any starting-caliber tackle, it may be fair following Solder's underwhelming stint in New York. At his age, Solder cannot be considered a player with upside.

The Giants must figure out whether $5 million is too expensive for what would be a backup swing tackle. In the grand scheme, it isn't, but given the Giants' cap situation, even a bargain deal could price Solder out of New York.

Contract projection: One year, $5.5 million, $4 million guaranteed

Cap and contract information via Spotrac. Advanced statistics from Pro Football Reference.