The New York Giants aren't finished in 2024 NFL free agency, judging by how they restructured the contract of Dexter Lawrence II to free up $7.5 million in salary cap space.
Lawrence's deal was adjusted on Thursday, March 21, as the Giants turned $10 million of his base salary into a signing bonus, according to ESPN's Field Yates.
Having more cap space enables the Giants to make additional investments in veteran players. The timing is not lost on Dan Duggan of The Athletic, who sees the possibility of a signing in the near future…
It would make sense for more players to arrive since the Giants still have needs at cornerback, wide receiver, and along the defensive line. Solving these issues won't be cheap, and Duggan is surprised the Giants didn't generate more money from Lawrence's deal. He believes they could have created another $3.7 million with a maximum restructure (which they can still do in the future—there is no limit on restructures).
Interesting that the Giants did Lawrence now rather than Andrew Thomas before his $5M roster bonus was triggered last Sunday. Also interesting that they only converted $10M of Lawrence's $16M salary. They could have created another $3.7M with a max restructure (they still can… https://t.co/Do7PXlo8P7
— Dan Duggan (@DDuggan21) March 21, 2024
There are other ways to free up more cap space because the Giants have another quality starter whose contract can be restructured.
Dexter Lawrence's Contract Marks the Beginning of the Giants' Cost-Cutting Moves
Duggan also mentioned he thought left tackle Andrew Thomas would be the first candidate for a restructure. The Giants are committed to the fourth-overall pick in the 2020 NFL draft for another three years, but Duggan still believes general manager Joe Schoen will make changes to Thomas's contract at some point.
Have seen this a few times. Thomas' contract is fully guaranteed through 2026. Adding ~$2M per year to the cap from 2025-2028 is nothing. I'm sure he'll be restructured, I just thought he'd be first https://t.co/kxIk99RXtL
— Dan Duggan (@DDuggan21) March 21, 2024
Instead of adjusting terms owed to Lawrence, general manager Joe Schoen decided to modify them. This decision provides the Giants with options now and later in the league year.
These options include making changes to Thomas's fully guaranteed contract closer to the season. Waiting would allow Schoen to get a clearer picture of any positions the Giants might need to fill once games resume.
For now, Schoen and head coach Brian Daboll can focus on getting the most out of free agency. Luckily, there are still several notable names who should attract the Giants' interest.
Giants Still Have Choices in Free Agency
The market has slowed down, but there are still options that the Giants should find appealing. Free agents like cornerback Tre’Davious White, who is familiar with Daboll from their time with the Buffalo Bills. White has met with the Giants and would be a suitable replacement for veteran Adoree’ Jackson.
More additions are necessary in the secondary after strong safety Xavier McKinney joined the Green Bay Packers. White's former teammate Micah Hyde is still available, as is formerDenver Broncos All-Pro Justin Simmons, and Quandre Diggs, who is still a free agent after five years with the Seattle Seahawks.
The Giants have been identified as a good fit for Diggs by Pro Football Network’s Nick Faria. He believes Diggs can start alongside productive 2023 surprise package Jason Pinnock.
The Giants could also bolster Lawrence with a Super Bowl-winning lineman. All these names represent potential cost-effective signings for the Giants.
The same goes for a wide receiver like Josh Reynolds or Michael Thomas. Either one would be the more active outside option the Giants don't have.
It seems like Schoen is prepared to address the remaining gaps in his team, thanks to Lawrence.
