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Giants Restructure Leonard Williams' Contract to Clear Cap Space

New York creates $11.92 million in cap space ahead of Wednesday's deadline to get under the 2022 league-wide cap.

Patricia Traina

Giants Restructure Leonard Williams' Contract to Clear Cap Space
Giants Restructure Leonard Williams' Contract to Clear Cap Space /
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When New York Giants general manager Joe Schoen was hired in January, one thing he did not want to have to do, if at all possible, was to push salary cap money into future seasons.

Unfortunately, the mess Schoen inherited from the previous regime was so bad that it left him with no choice but to face what is now becoming a multi-year project of cleaning up what was left behind.

The Giants, who per Over the Cap were forecasted to be $6,692,659 in the red ahead of Wednesday's deadline for teams to get everything in compliance with the cap, have restructured defensive lineman Leonard Williams' contract to create nearly $12 million in cap space for the coming season.

According to the projected new numbers, Williams' $19 million base salary was lowered to $1.12 million. The $17.88 million that was converted into a signing bonus added $5.96 million per year for the rest of the contract, including 2024, the voidable year.

Over the Cap Contract Constructor
Over the Cap Contract Constructor

Williams' original $19 million base salary was fully guaranteed, so he's receiving the same cash payout he was due before the restructure, the benefit being he's getting the bulk of that money upfront.

Williams' new cap number for 2022 is projected at $15.38 million. However, his 2023 cap number is projected to jump from $27.3 million to an estimated $32.26 million due to the proration, with the remaining $5.96 million going into the 2024 league year.

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Williams' restructure becomes the first one Schoen has had to do that will carry into 2024, meaning that the player is not scheduled to be on the roster that year, but a part of his contract will be sitting on the team's books as a reminder.

Already Schoen has receiver Sterling Shepard as being on the books in 2023 despite the receiver having a voidable year. That is a result of a contract restructure the general manager had to do earlier this year just to clear enough cap space to operate during the height of free agency.

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Patricia Traina
PATRICIA TRAINA

Patricia Traina has covered the New York Giants for 30+ seasons, and her work has appeared in multiple media outlets, including The Athletic, Forbes, Bleacher Report, and the Sports Illustrated media group. As a credentialed New York Giants press corps member, Patricia has also covered five Super Bowls (three featuring the Giants), the annual NFL draft, and the NFL Scouting Combine. She is the author of The Big 50: The Men and Moments that Made the New York Giants. In addition to her work with New York Giants On SI, Patricia hosts the Locked On Giants podcast. Patricia is also a member of the Pro Football Writers of America and the Football Writers Association of America.

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