INDIANAPOLIS — Giants GM Joe Schoen told Kenny Golladay and his agent on Tuesday morning that he will be released on March 15, according to a source.
The team doesn’t have to decide whether it will be a post-June 1 cut or not until March 15. That will dictate the money saved.
If Golladay becomes a straight release, it would save $6.7 million on the cap immediately and carry $14.7 million in dead money in 2023, per OverTheCap.com.
If Golladay becomes a post-June 1 release, it will save $13.5 million — but not until June — and carry $7.9 million in dead money.
Golladay’s production never came close to matching his price.
Former GM Dave Gettleman signed him to a four-year, $72 million free agent deal with $40 million guaranteed in 2021, and Golladay finished his two-year Giants career with 43 catches for 602 yards and one touchdown in 26 games.
Schoen would have released him last spring if it had been financially viable, but the contract wouldn’t allow it. So Golladay was reduced to a back up who played in only 12 games and started four.
His release is one of many steps Schoen will take this offseason to continue the roster’s rebuild.
