New York Giants, Leonard Williams Agree to Terms on New Contract (Updated)

Leonard Williams has agreed to a new three-year deal worth $63 million that includes $45 million fully guaranteed

The New York Giants and defensive lineman Leonard Williams agreed to terms on a new three-year deal worth $63 million with $45 million fully guaranteed.

ESPN's Adam Schefter was first with the report and the details of the new deal, also reporting that Williams, who had an unresolved grievance against the Giants stemming from their classification of him as a defensive tackle for the franchise tag instead of a defensive end, will withdraw that grievance.

Giants and twice-franchised DL Leonard Williams reached agreement on a three-year, $63 million deal that includes $45 million fully guaranteed, sources tell ESPN. Agent Roosevelt Barnes and Brandon Parker, and NYG exec Kevin Abrams put finishing touches on massive deal today.

— Adam Schefter (@AdamSchefter) March 16, 2021

Williams' new deal comes in at $21 million per year, slightly more than the $19 million franchise tag he received on March 9 used to buy time on the negotiations. In addition, the NFL Network reported that Williams received a $22.5 million signing bonus as part of his new deal.

Williams' new cap number for 2021 is $11 million. That represents an $8.351 million savings from the $19.351 million franchise tag price he held earlier.

Leonard Williams received the fourth-most guaranteed money in Giants history per @ESPNStatsInfo:

QB Eli Manning $65M 2015
WR Odell Beckham Jr. $65M 2018
DE Olivier Vernon $52.5M 2016
DL Leonard Williams $45M 2021

— Jordan Raanan (@JordanRaanan) March 16, 2021

The three-year deal allows Williams to re-test the market by the time he turns 30, often an attractive carrot for a free agent.

For Williams, he'll turn 30 by the time the deal ends, which should give him another opportunity to pursue a new contract if he's still playing at the top of his game.

Williams, who spoke about wanting respect in his final conference call of the season, appears to have gotten his wish. According to Over the Cap, his new APY field him with DeForest Buckner of the Colts for the second-highest APY ($21 million) among interior defensive linemen, just behind the Rams' Aaron Donald ($22.5 million).

Williams' cap hits are as follows:

• 2021: $11 million
• 2022: $26.5 million
• 2023: $25.5 million

In addition, his base salaries in 2021 ($3.5 million) and 2022 ($19 million) are fully guaranteed.

In getting the deal done ahead of March 17, the official start of free agency, the Giants, who earlier in the day had less than $300,000 of spending room, opened up some additional cap space to be spent on other needs.

New York is still thought to be in the market for a No. 1 receiver, even after signing former Bengals receiver John Ross to a one-year low-cost deal.

They are also thought to be in need of a pass rusher and possibly another cornerback but are not believed to be shopping in the high-end aisle for any of those markets.

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