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New York Giants ‘Smart’ Darren Waller Contract Restructure Helps the Team Save Millions

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The New York Giants find themselves at a crucial juncture as they await a decision from tight end Darren Waller. With training camp approaching, Waller’s choice could significantly impact the team’s financial flexibility.

A recent tweet by NFL Rumors (@nflrums) highlights this ongoing saga: “The New York Giants are waiting on a choice from Darren Waller as they get closer to training camp. The team has given him time to make that choice, the Giants could save $6.7M in cap space.” Waller’s decision will have a significant impact on the Giants’ tight end depth and their overall offensive strategy heading into the upcoming season.

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Contract Restructure Creates Cap Space

In a strategic move, the Giants recently reworked Darren Waller’s contract, resulting in a substantial boost to their salary cap space. The team converted $9.835 million of Waller’s 2023 base salary into a signing bonus, effectively freeing up approximately $7.376 million. This financial maneuver allows the Giants to allocate resources more efficiently and secure other players who have recently agreed to terms.

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Darren Waller’s Recent Performance

New York Giants 'Smart' Darren Waller Contract Restructure Helps the Team Save Millions - THE SPORTS ROOM

In a pivotal Week 7 matchup against the Washington Commanders, Darren Waller showcased his skills as a tight end. He hauled in seven receptions out of eight targets, accumulating an impressive 98 receiving yards. Notably, this game marked his first touchdown of the season—a 15-yard grab from quarterback Tyrod Taylor in the second quarter. Waller’s performance was instrumental in the Giants’ 14-7 victory, where he led the team in catches, receiving yards, and targets.

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Waller’s Cap Hit and Potential Savings

Before the restructure, Waller’s 2023 cap hit stood at $11.875 million. However, with the adjustments, his cap hit now sits at a more manageable $4.007 million. Should the Giants decide to release Waller after the 2023 season, they would incur a dead cap hit of $7.868 million, resulting in $5.824 million in cap savings. Similarly, if they part ways with him after the 2024 season, the dead cap hit would be $5.901 million, leading to $9.066 million in cap savings.

General manager Joe Schoen and the Giants’ front office have taken a calculated approach. Rather than making drastic cuts, they’ve strategically restructured Waller’s contract to create cap space while keeping their options open. The addition of a void year (2027) further enhances their financial maneuverability.

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