The New York Giants released two veterans with bloated contracts on Wednesday, clearing approximately $13 million in salary cap space.
By cutting ties with linebackers Alec Ogletree and Kareem Martin the Giants freed up $8.25 and $4.8 million in cap space, respectively. That can be used to, let’s say, pay Leonard Williams’ salary this season. That is, if they can get Williams to agree to taking that amount.
The Giants may not be done cleaning house, however. There are several other players the team can release to gain some more valuable cap space.
After Wednesday’s min-purge, the Giants’ top three remaining cap hits are: Nate Solder ($19.5 million), Kevin Zeitler ($12.5 million) and Golden Tate ($10.5 million).
Don’t count on them releasing any of those three. Zeitler is a key cog on the offensive line and a piece the team plans to build around. Tate is only in the second year of a four-year deal. He is still a valuable receiver and built a rapport with rookie quarterback Daniel Jones last season.
Solder is grossly overpaid but the Giants may have no choice other than to keep him for one more season. They can save $6.5 million by cutting him, but will carry a dead cap charge of $13 million this season and $6.5 next season.
The only remaining cap casualty targets are: tight end Rhett Ellison ($5 million) and safety Antoine Bethea ($2.75 million).
Ellison missed six games last season with a concussion and the Giants like what they saw out of rookie Kaden Smith. The 35-year-old Bethea led the Giants in tackles (110) last year but that may not translate into a job on this year’s team.
