A look at how Nate Solder’s contract restructure cleared cap space, plus other Giants salary cap related notes

Here's a look at what the Giants did with Nate Solder's contract to clear some much-needed space and how it impacts the team's cap. Also included in this piece are some additional cap-related thoughts.

Danielle Parhizkaran/NorthJersey.com via USA TODAY NETWORK

Back in February, Giants general manager Dave Gettleman spoke about wanting to carry $8-$10 million of cap space into the regular season for “emergency” signings.

However, after trimming their 90-man roster to 53 last weekend, the Giants were said to have the least amount of cap space, this per ESPN’s Field Yates.

That has since changed, as the NFLPA public cap report has the Giants with $10,902,948 in cap space, the high end of the range Gettleman spoke of having to start the 2019 season.

One of the moves made by the Giants to get to that number was the restructuring of left tackle Nate Solder’s 2019 cap hit.

According to Tom Pelissero (and confirmed by the NFLPA base salary report), the Giants restructured Solder’s contract to clear $5 million by converting $7.5 million of his 2019 base salary into a fully guaranteed bonus. 

That $7.5 million now becomes prorated at a rate of $2.5 million per year over the remaining life of the contract.

The #Giants, who entered the week with the NFL’s least cap space, cleared $5 million by doing a simple restructure on LT Nate Solder’s contract, converting $7.5M of his base salary to a fully guaranteed roster bonus. Cash stays the same: $13M in 2019 and 2020, $14M in 2021.

— Tom Pelissero (@TomPelissero) September 7, 2019

Solder’s new base salary is listed as $5.4 million, down from the $12.9 million guaranteed base salary he was due to make in this, year two of his Giants deal, and $500,000 less than what he earned last year in the first year of the deal as far as his base salary.

As Solder’s 2019 base salary was fully guaranteed, the $7.5 million shaved off his base salary still goes into his pocket to meet that mandate. In other words, Solder will still get the same amount of cash he was due to receive before the restructure.

However, that $7.5 million gets prorated (for bookkeeping purposes) over the remaining life of Solder’s contract at a rate of $2.5 million per year, starting this year.

Hence Solder’s previous prorated bonus of $4 million swells to $6.5 million per year through the contract’s expiration (2021), but his 2019 cap number drops from $17 million to $12 million.

Solder has roster bonuses of $3 million (due March 18, 2020) and $4 million (due March 13, 2021) left as part of his deal in addition to a base salary of $9.9 million per year due in 2020 and 2021. He also has a workout bonus of $100,000 per year according to Over the Cap.

Solder is currently the third-highest cap hit on the Giants 53-man roster, behind quarterback Eli Manning ($23.2 million) and cornerback Janoris Jenkins ($14.75 million).

In other Giants cap related news, the Giants currently have $34,842,552 in dead money, the third-highest total in the league, thanks to their having to eat seven-figure signing bonuses resulting from the trades of Odell Beckham Jr ($16 million), Olivier Vernon ($8 million) Damon Harrison ($3.32 million, and Eli Apple ($2.304 million) plus the release of guard Patrick Omameh ($3 million).

The Giants are paying their 10-man practice squad $136,000 per player for the year ($80,000 per player per week) a total of $1.36 million charged against the cap. 

They also have $7,118,553 tied up in players currently on injured reserve, with none of the 15 players still on their IR list topping the $1 million mark (cornerback Sam Beal’s $927,794 cap hit is the highest of the group, followed by receiver Corey Coleman at $720,000 and offensive tackle Chad Wheeler at $651,668).

Receiver Golden Tate, who is currently serving a 4-game suspension for having violated the league’s PED policy, has a base salary of $1,510,294 for this year. Four weeks of that base (approximately $355,363) will be credited back to the Giants.

The Giants also currently have an opening on their 53-man roster after having released inside linebacker Nate Stupar Friday. Stupar had been set to count for $735,000 against the Giants salary cap.

Because he was let go before the 4 p.m. ET deadline Saturday, a deadline that had he met, his base salary would have become fully guaranteed.against the current league year’s cap, he will only cost the Giants $90,000 (his signing bonus) after having signed for one year in the off-season for a minimum qualifying contract.