Giants may recalibrate free agent approach with higher-than-expected cap

The news last week that the NFL was raising the salary cap to $255.4 million per club this season (up from $228.4 million in 2023) was music to many general manager’s ears.

For New York Giants general manager Joe Schoen, that gives him additional ammunition to attack his many roster needs this spring.

The Giants will have an estimated $39 million in available cap space when the NFL new year begins on March 13.

Scheon told reporters at the NFL Combine on Tuesday that the raise was a ‘pleasant surprise’ and he will recalibrate their finances to see how it affects their offseason plans.

#Giants GM Joe Schoen says the team was conservative on estimates of the salary cap, “we were operating in the 241-243… it’s a pleasant surprise.” Adds with the increased number, staff is going to reconvene and reevaluate their plan in terms of FA, Franchise Tag & Transition Tag pic.twitter.com/hMLS2NmU39

— Madelyn Burke (@MadelynBurke) February 27, 2024

The Giants have two major contract decisions coming up in the next two weeks — running back Saquon Barkley and safety Xavier McKinney — who are eligible for free agency this spring.

It looks like they might have to slap the franchise or transition tag on at least one of these players if they can’t get them under contract by the March 5 deadline. That’s where the extra money is going to come in handy.

Barkley will cost around $12-13 million to franchise tag again while McKinney will cost $17 million to franchise and $13.8 million to transition tag.