He is right about most of the mechanics but is wrong about dead cap. The Dead Cap is factored into the preseason 51 calculation so we do have cap space right now. Our $19m dead against the cap is mid table (21/32).
NFL Cap 255.4m
Carried over 2.5
Adjustment 2.5*
Top 51 (235.0)
Dead Cap (19.0)
Available Cap 6.4
Data from OTC
* The adjustment is a technical credit
You typically need an extra $6m to cover incremental rookie contracts over the bottom guys on the 51. Another $5-6m is needed to cover the shift from 51 to 53 and inclusion of the PS (dependent on the make-up of the PS) so he is correct that our effective cap space is lower, in effect negative. In fact it is likely to be more negative once you include IR/PUP but not c. $18m.
In summary, he understands it better than most media but his dead cap error led him off course. He ignores the fact Giants have easy options to help manage the squeeze. There are several contract restructures to create space that we can do unilaterally (by rule, without any negotiation) and if Waller quits and we post June him we also gain space.
So, NO we are not in actual cap trouble but we are cap restricted, will have to do more cap management and cannot just offer big contracts to veterans to improve CB, DT, OL.
P.S. Restructures and post June designations do tend to create future dead cap but like every NFL team bar the extreme contract manipulators (New Orleans, potentially Philly in future with their increasing use of void years) we can manage this somewhat comfortably when the cap is rising.
Ideally you want to keep dead cap at a reasonable level and limit it to one year per contract (no void years). We might well have a bigger dead cap hit but more cap space next year if we cut Jones and draft a rookie. We would have a better cap platform for the future beyond 2025 as a result.
Here endeth my accountant geek out!
NFL Cap 255.4m
Carried over 2.5
Adjustment 2.5*
Top 51 (235.0)
Dead Cap (19.0)
Available Cap 6.4
Data from OTC
* The adjustment is a technical credit
You typically need an extra $6m to cover incremental rookie contracts over the bottom guys on the 51. Another $5-6m is needed to cover the shift from 51 to 53 and inclusion of the PS (dependent on the make-up of the PS) so he is correct that our effective cap space is lower, in effect negative. In fact it is likely to be more negative once you include IR/PUP but not c. $18m.
In summary, he understands it better than most media but his dead cap error led him off course. He ignores the fact Giants have easy options to help manage the squeeze. There are several contract restructures to create space that we can do unilaterally (by rule, without any negotiation) and if Waller quits and we post June him we also gain space.
So, NO we are not in actual cap trouble but we are cap restricted, will have to do more cap management and cannot just offer big contracts to veterans to improve CB, DT, OL.
P.S. Restructures and post June designations do tend to create future dead cap but like every NFL team bar the extreme contract manipulators (New Orleans, potentially Philly in future with their increasing use of void years) we can manage this somewhat comfortably when the cap is rising.
Ideally you want to keep dead cap at a reasonable level and limit it to one year per contract (no void years). We might well have a bigger dead cap hit but more cap space next year if we cut Jones and draft a rookie. We would have a better cap platform for the future beyond 2025 as a result.
Here endeth my accountant geek out!