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How much salary space do the New York Giants have after the Daniel Jones deal?

December 4, 2022; East Rutherford, New Jersey, USA; New York Giants quarterback Daniel Jones (8) scrambles for the first touchdown of the first half as Washington defensive tackle Montez Sweet (90) finishes off at MetLife Stadium. Mandatory credit: Vincent Carchietta-USA TODAY Sports

The New York Giants signed Daniel Jones to a four-year, $160 million extension Tuesday afternoon before the franchise’s sign deadline. Jones will earn an average annual salary of $40 million per season, however, the Giants have structured the deal to give themselves plenty of flexibility this season. Jones hit in 2023 is just around $19 million, giving Big Blue plenty of room to boost their roster this spring.

How much cover space do the New York Giants have after extending Daniel Jones?

The Giants committed $19 million in salary cap space to Daniel Jones this season. After signing Jones, New York placed the franchise tag on Saquon Barkley, which would carry a $10.1 million cap. Big Blue could lower that cap if they reach an extension with Barkley in the coming weeks.

According to OverTheCap, the Giants currently have about $18.9 million in cap space after yesterday’s roster moves. That number is bound to increase, even though the Giants have already decided that they will release WR Kenny Golladay at the start of the new league year. The move will provide an additional $6.7 million in Big Blue cap space.

Golladay’s launch would give the Giants about $25 million in salary cap space. The Barclay extension could free up at least another $5 million, giving them about $30 million in space. In addition, the Giants can extend two veteran defenders to create additional space.

Extending Leonard Williams would give the Giants $13.4 million in cap space. Adoree’ Jackson’s extension would also free up $7.9 million. If New York expands these players, they’ll have about $50 million in cap space heading into the offseason.

Giants can also take more casualties to increase this number even further. DB Darnay Holmes can be cut to save $2.7 million and LG Shane Lemieux can be cut to save $1 million.

When all is said and done, the Giants can claw their way to more than $50 million in salary cap space at the start of a new league year. This will give the Giants plenty of opportunities to acquire new talent via trade and free agency.

Granted, the Giants need to set aside at least $10-15 million of their cap space for their upcoming 2023 NFL Draft class. But having a $30-40 million budget this off-season will give GM Joe Schoen all the power he needs to build the roster in the 2023 season.

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