The Giants’ free-agent spending spree sent a clear message.
“They better win now or (general manager) Dave Gettleman is probably out of a job,” said Joel Corry, a former agent who is now an analyst for CBS Sports. “That was my first observation.”
It surprised Corry and other league observers that the Giants were such big spenders in free agency. The team made 20 signings that totaled $211.8 million despite limited cap space (that number jumps to $241.8 million if the extension safety Logan Ryan signed in December is included).
That number may cause sticker shock, but it’s always important to look under the hood of NFL contracts because the raw numbers that are first reported are typically inflated. The guaranteed money is the most important aspect of an NFL contract since that signals a team’s true commitment to a player. For instance, the Giants have committed $130.6 million in guaranteed money this offseason, including Ryan’s deal. That’s still a good chunk of change, but not nearly as exorbitant as the total maximum value of the contracts.
To dig deeper into the contracts, I obtained all of the deals players have signed with the Giants this offseason from league sources. And Corry, whose client list included Hall of Famer John Randle when he was an agent, added his perspective to the bigger deals the Giants handed out.
Before delving into the individual contract details, here’s a glossary for some of the terms you’ll find repeatedly in these deals:
• Signing bonus: Signing bonuses are fully guaranteed at the time the contract is signed (although they’re often paid in installments over the first year). For salary cap purposes, signing bonuses are prorated over the length of the contract (for a maximum of five years).
• Roster bonus, part 1: The most basic form is a bonus for being on the team’s roster on a certain date, typically shortly after the new league year starts in March.
• Roster bonus, part 2: There are also per-game roster bonuses in some contracts. These bonuses reward a player for being on the active roster for each game.
• Roster bonus, part 3: The Giants added a new bonus to some contracts this year, which is earned if a player makes the initial 53-man roster at the end of the preseason.
• Incentives: Incentives are earned when a player reaches a performance goal specified in his contract (i.e. having 10 touchdowns or earning a Pro Bowl selection). Incentives are grouped into two categories: Likely to be earned (LTBE) and not likely to be earned (NLTBE). An incentive’s classification is based on the player’s achievements in the previous season.
An LTBE incentive counts on the salary cap that year. If a player doesn’t achieve an LTBE incentive, the team gets a credit for the amount of the incentive on the following year’s cap. An NLTBE incentive does not count against the salary cap that year. If a player achieves an NLTBE incentive, the amount counts against the team’s cap the following year.
The specific benchmarks to trigger the incentive payments in these contracts are not yet available. The Giants typically hand out NLTBE incentives, so players likely will need to improve on last year’s production to earn the incentives.
• Escalators: Like incentives, escalators are earned when a player reaches a performance goal. There is a big difference, however. If a player triggers an incentive, he is guaranteed to collect that amount. If a player triggers an escalator, he gets a raise in a future year. That future salary typically is not guaranteed, so the player could be cut before receiving the money from an escalator.
• Fully guaranteed at signing: This is the most important figure in any contract. The money fully guaranteed at signing (typically via guaranteed salary and signing bonuses) will be earned by the player no matter what.
• Injury guarantees: This is a partial guarantee. A player will collect his injury guarantee if he is cut because he can’t pass a physical. This money is not guaranteed if a player is cut for salary cap or performance reasons.
• Veteran Salary Benefit (VSB): The VSB is designed to entice teams to sign veteran players. Put simply, the VSB allows for players with four or more credited seasons to carry the same cap hit as the minimum salary for players with two credited seasons ($850,000), plus bonus money. These veterans must sign a one-year contract for the minimum base salary for their experience level with bonuses capped at $137,500.
Here are the contract details for all of the Giants’ signings this offseason:
WR Kenny Golladay: 4 years, $72 million
2021
$1M
$3.4M
$250K
$4.5M
2022
$13M
$4.5M
$3.4M
$21.15M
2023
$13.25M
$4.5M
$3.4M
$21.4M
2024
$14.25M
$3.5M
$3.4M
$21.4M
2025
VOID
$3.4M
$3.4M
Notes: Golladay’s contract has $28 million fully guaranteed at signing: his 2021 salary ($1 million), $10 million of his 2022 salary ($13 million) and a $17 million signing bonus. He has an additional $12 million guaranteed for injury: the remaining $3 million of his 2022 salary ($13 million), his $4.5 million 2022 roster bonus and his $4.5 million 2023 roster bonus.
Golladay’s 2022 roster bonus ($4.5 million) becomes fully guaranteed if he’s on the roster on the first day of the 2022 league year. His 2023 roster bonus ($4.5 million) becomes fully guaranteed if he’s on the roster on the first day of the 2023 league year. Golladay’s 2024 roster bonus ($3.5 million) becomes fully guaranteed if he’s on the roster on the third day of the 2024 league year.
Golladay has a maximum of $250,000 in bonuses for every game he’s active for in 2021 ($14,705 per game). Golladay has up to $1 million in incentives each season for a Pro Bowl selection and unspecified totals of catches, yards and touchdowns. He has $250,000 workout bonuses in each offseason from 2022-24. The Giants typically require players to participate in 84 percent of the entire voluntary offseason program and 100 percent of the OTA and minicamp practices to earn a workout bonus. The Giants would be left with $6.8 million in dead money if they cut Golladay after the 2023 season.
Corry’s take: “I thought that he would be the one guy to benefit from Allen Robinson and Chris Godwin getting franchised, but his market was very slow to develop. At that point, you kind of wonder if the Giants were bidding against themselves.
“(Before free agency started), I would have been like, ‘Wow, that’s all he got?’ Then as the market didn’t develop, I was like, ‘Wow, he pulled a rabbit out of his hat to get that deal.’ I figured he was going to shift gears to do the best one-year deal possible in the best place for him to showcase himself and then try to hit it again next year. But the Giants threw him a lifeline. From my understanding, the Bears weren’t going to pay him anything like that.”
DL Leonard Williams: 3 years, $63 million
2021
$3.5M
$7.5M
$11M
2022
$19M
$7.5M
$26.5M
2023
$18M
$7.5M
$25.5M
Notes: Williams’ contract has $45 million fully guaranteed at signing: his 2021 salary ($3.5 million), 2022 salary ($19 million) and a $22.5 million signing bonus. The Giants would be left with $7.5 million in dead money if they cut Williams after the 2022 season. A franchise tag for Williams after the 2023 season is unrealistic since it would be his third tag, which would trigger a 144 percent raise on his $18 million salary in 2023 ($25.9 million).
Corry’s take: “I thought they were going to franchise Leonard Williams after the year he had, and then he was going to have a ton of leverage and get the deal that he got. So that didn’t surprise me. He had a career year, so you reap the benefit of that when you play a premium position or you can get to the quarterback like he did. We knew he was a good run-stuffer. We just weren’t expecting him to be a double-digit sack guy. Now he’s got to come back and duplicate it for them to get their money’s worth.
“For him to do three years, that’s perfect for him. If he can continue to play well, he gets another bite of the apple.”
CB Adoree’ Jackson: 3 years, $39 million
2021
$1.5M
$4.5M
$1M
$6.2M
2022
$10M
$4.5M
$1M
$15.5M
2023
$11M
$4.5M
$1M
$16.5M
Notes: Jackson’s contract has $24.5 million fully guaranteed at signing: his 2021 salary ($1.5 million), $9.5 million of his 2022 salary ($10 million) and a $13.5 million signing bonus. He has an additional $2 million guaranteed for injury: $2 million of his 2023 salary ($11 million).
Jackson has a maximum of $1 million in bonuses for every game he’s active for in 2021 ($58,823 per game). Jackson has up to $750,000 in incentives in the 2021 and 2022 seasons for a Pro Bowl selection and unspecified totals of interceptions, playing time and a playoff appearance. Jackson’s contract includes an escalator up to $4 million for 2023 that can be attained based on how many incentives he hits in 2021 and 2022. The Giants would be left with $4.5 million in dead money if they cut Jackson after the 2022 season.
Corry’s take: “That’s the one that gets me because if Tennessee was thinking about cutting him, I’d imagine they shopped him, or they should have. If you really wanted him, give up a late-round pick, you don’t have to make the long-term commitment, you have him on the option year ($10.2 million for 2021) and then you see whether he’s worth a long-term deal. He’s getting a windfall out of getting released from the fifth-year option, which doesn’t happen very much. We’re talking about a guy that was injured for the most part of last year so it’s like, ‘Wow.’ I didn’t see that one coming. I thought he was going to end up doing a one-year deal for less than the fifth-year option.”
S Logan Ryan: 3 years, $30 million
2020
$1.05M
$5.45M
$500K
$8M
2021
$5.5M
$1.5M
$7M
2022
$9.25M
$1.5M
$10.75M
2023
$9.25M
$1.5M
$10.75M
Notes: Ryan signed a three-year, $30 million extension in Week 16 last season. He was due to become a free agent after signing a one-year, $6.5 million contract last September. Ryan’s contract has $17 million fully guaranteed at signing: his 2021 salary ($5.5 million), $5.5 million of his 2022 salary ($9.25 million) and a $6 million signing bonus. An additional $3 million of his 2022 salary becomes fully guaranteed if he’s on the roster on the third day of the 2022 league year. Ryan has $500,000 in incentives in each season for a Pro Bowl selection and a first-team All-NFL selection. The Giants would be left with $1.5 million in dead money if they cut Ryan after the 2022 season.
Corry’s take: “I think that one was fair for both sides. It’s actually on par with the deal he got when he left the Patriots to join the Titans. Because the market didn’t develop last year for him, he probably didn’t want to go through free agency again.”
TE Kyle Rudolph: 2 years, $12 million
2021
$2.5M
$2.25M
$4.75M
2022
$5M
$2.25M
$7.25M
Notes: Rudolph’s contract has $7 million fully guaranteed at signing: his 2021 salary ($2.5 million) and a $4.5 million signing bonus. Rudolph has up to $1 million in incentives in each season for a Pro Bowl selection and unspecified totals of catches, yards and touchdowns. The Giants would be left with $2.25 million in dead money if they cut Rudolph after the 2021 season.
RB Devontae Booker: 2 years, $5.5 million
2021
$1.5M
$1M
$2.75M
2022
$2M
$1M
$3M
Notes: Booker’s contract has $2 million fully guaranteed at signing: a $2 million signing bonus. Booker has up to $250,000 in incentives in each season for an unspecified total of rushing yards. The Giants would be left with $1 million in dead money if they cut Booker after the 2021 season.
DL Austin Johnson: 1 year, $3 million
2021
$1.5M
$1.5M
$3M
Notes: Johnson’s contract has $3 million fully guaranteed at signing: his 2021 salary ($1.5 million) and a $1.5 million signing bonus. Johnson has up to $500,000 in incentives for playing time in 2021.
LB Ifeadi Odenigbo: 1 year, $2.5 million
2021
$1.5M
$1M
$2.5M
Notes: Odenigbo’s contract has $1 million fully guaranteed at signing: a $1 million signing bonus.
WR John Ross: 1 year, $2.25 million
2021
$1.25M
$500K
$500K
$1.84M
Notes: Ross’ contract has $1 million fully guaranteed at signing: $500,000 of his 2021 salary ($1.25 million) and a $500,000 signing bonus. Ross has a maximum of $500,000 in bonuses for every game he’s active ($29,411 per game in a 17-game season). Ross has up to $250,000 in incentives for receiving yards.
QB Mike Glennon: 1 year, $1.375 million
2021
$1.075M
$300K
$1.375M
Notes: Glennon’s contract has $450,000 fully guaranteed at signing: $150,000 of his 2021 salary ($1.075 million) and a $300,000 signing bonus. He has up to $750,000 in incentives for playing time.
OL Zach Fulton: 1 year, $1.2 million
2021
$1.075M
$137,500
$987,500
Notes: Fulton’s contract has $137,500 fully guaranteed at signing: a $137,500 signing bonus. His contract is a VSB.
DL Danny Shelton: 1 year, $1.1 million
2021
$990K
$137,500
$987,500
Notes: Shelton’s contract has $987,500 fully guaranteed at signing: $850,000 of his 2021 salary ($990,000) and a $137,500 signing bonus. His contract is a VSB.
LB Ryan Anderson: 1 year, $1.1 million
2021
$990K
$137,500
$987,500
Notes: Anderson’s contract has $137,500 fully guaranteed at signing: a $137,500 signing bonus. His contract is a VSB.
LB Reggie Ragland: 1 year, $1.1 million
2021
$990K
$137,500
$987,500
Notes: Ragland’s contract has $137,500 fully guaranteed at signing: a $137,500 signing bonus. His contract is a VSB.
LS Casey Kreiter: 1 year, $1.1 million
2021
$990K
$137,500
$987,500
Notes: Kreiter’s contract has $137,500 fully guaranteed at signing: a $137,500 signing bonus. His contract is a VSB.
WR CJ Board: 1 year, $1.02 million
2021
$920K
$50K
$50K
$1.02M
Notes: Board’s contract has $50,000 fully guaranteed at signing: a $50,000 signing bonus. He will earn a $50,000 roster bonus if he makes the 53-man roster, according to a source.
LB Devante Downs: 1 year, $1.02 million
2021
$920K
$25K
$75K
$1.02M
Notes: Downs’ contract has $75,000 fully guaranteed at signing: a $75,000 signing bonus. He has a $25,000 roster bonus, which I believe will be earned if he makes the 53-man roster.
CB Chris Milton: 1 year, $990,000
2021
$990K
$850K
Notes: Milton’s contract has no guaranteed money. His contract is a VSB.
CB Joshua Kalu: 1 year, $920,000
2021
$920K
$920K
Notes: Kalu’s contract has no guaranteed money.
FB Cullen Gillaspia: 1 year, $850,000
2021
$850K
$850K
Notes: Gillaspia’s contract has no guaranteed money.
TE Cole Hikutini: 1 year, $780,000
2021
$780K
$780K
Notes: Hikutini’s contract has no guaranteed money.
The Giants also restructured the contracts of five players to create cap space. Here are the updated details of those adjusted contracts:
CB James Bradberry
2021
$5.9M
$7M
$13.25M
2022
$13.4M
$7M
$20.5M
Notes: The Giants converted $8 million of Bradberry’s 2021 salary ($13.9 million) into a bonus on March 23. That reduced his 2021 cap hit by $4 million, while adding $4 million to his 2022 cap hit. Bradberry’s contract has $13.9 million fully guaranteed remaining: the $8 million restructure bonus and his 2021 salary ($5.9 million). He has an injury guarantee for $2 million of his 2022 salary ($13.4 million).
Bradberry has a $250,000 incentive for making the Pro Bowl in each season and a $250,000 incentive for five or more interceptions each season. The Pro Bowl incentive is LTBE for 2021 since he was selected last season. The interception incentive is NLTBE for 2021 since he had three picks last season.
Bradberry has a $100,000 workout bonus in each offseason that will be earned by participating in 84 percent of the entire voluntary offseason program and 100 percent of the OTA and minicamp practices.
LB Blake Martinez
2021
$1.125M
$5.5M
$6.725M
2022
$8.425M
$5.5M
$14.025M
Notes: The Giants converted $7 million of Martinez’s 2021 salary ($8.125 million) into a bonus on March 23. That reduced his 2021 cap hit by $3.5 million, while adding $3.5 million to his 2022 cap hit. Martinez’s contract has $7 million fully guaranteed remaining: the $7 million restructure bonus.
Martinez has a $100,000 workout bonus in each offseason that will be earned by participating in 84 percent of the entire voluntary offseason program and 100 percent of the OTA and minicamp practices.
OL Nate Solder
2021
$3M
$6.5M
$9.5M
2022
VOID
$4M
$4M
Notes: Solder took a pay cut on March 16 that reduced his 2021 base salary from $9.9 million to $3 million. A $100,000 workout bonus was also erased from his contract. His $3 million salary is fully guaranteed. He had no guaranteed money remaining in his contract before the pay cut. The final year of his contract, 2022, automatically voids after the 2021 season. The Giants will be left with $4 million in dead money in 2022 from Solder’s initial signing bonus.
TE Levine Toilolo
2021
$1.35M
$250K
$1.6M
Notes: Toilolo took a pay cut on March 8 that reduced his 2021 base salary from $2.925 million to $1.35 million. His contract now has $650,000 guaranteed: $400,000 of his 2021 salary ($1.35 million) and a $250,000 signing bonus. He had no guaranteed money remaining in his contract before the pay cut.
CB Isaac Yiadom
2021
$920K
$100K
$50K
$1.07M
Notes: Yiadom took a pay cut on March 30 that reduced his 2021 base salary from $2.1 million to $920,000. His contract now has $100,000 guaranteed: a $100,000 signing bonus. He had no guaranteed money remaining in his contract before the pay cut. Yiadom has a maximum of $50,000 in bonuses for every game he’s active ($2,941 per game in a 17-game season).
Overall takeaways
Co-owner John Mara said after last season’s 6-10 finish that, “I’m tired of sitting up here at the end of the year trying to explain what went wrong and why I feel optimistic about the future.”
That urgency to start winning was demonstrated in the Giants’ approach to free agency. The franchise will pay $92.8 million in 2021 to this offseason’s signings through bonuses and guaranteed salaries. That’s a significant outlay, especially considering the lost revenues caused by COVID-19.
The spending spree caused the Giants to change the way they do business. They backloaded the contracts of their signings and pushed more money into the future by restructuring the deals of Bradberry and Martinez.
“If you’re trying to sign guys in the first wave of free agency, you’re not going to be able to do flat deals like Dave Gettleman wants,” Corry said. “So you’re going to have to be flexible on structure to get the guy to come in.”
The Giants are banking on the salary cap recovering with fans expected back in stadiums this fall and new media deals set for 2023. The cap plummeted from $198.2 million in 2020 to $182.5 million this year.
“I wouldn’t anticipate a huge jump because of TV deals (in 2022),” Corry said. “If it gets back to where it was in 2020, then people should be happy. Don’t forget you have to pay back money that you borrowed to keep the cap from plummeting to $155 million or $160 million (this year). That’s part of it, as well.”
If that’s the case, the Giants will likely be in a similar position next offseason, forced to further kick the can down the road to stay under the cap. But if their big-money signings from this offseason deliver on the field, Mara will gladly foot the bill.
