The most predictable news ever: The Giants are cutting Kenny Golladay.
The veteran wide receiver gets the heave-ho just two years after they signed him to a four-year, $72 million deal. The contract was abysmal; one of former general manager Dave Gettleman’s disastrous parting gifts.
Giants are releasing WR Kenny Golladay on the first day of the league year, March 15, per source.
By waiting until March 15, they will save $6.7 million against their salary cap.
— Adam Schefter (@AdamSchefter) February 28, 2023
Golladay was either injured or unproductive week-in and week-out for two years.
Across his two seasons as a Giant, he had 43 catches for 602 yards and a touchdown through 26 games. That’s an average of 1.7 catches and 23.2 yards per game. And he made $40.5 million during the stretch. Brutal.
The Giants cutting Golladay will free up $6.7 million in cap space but give them a $14.7 million dead cap charge. There was thought that general manager Joe Schoen could make Golladay a post-June 1 cut, which would’ve freed up $13.5 million in space with a $7.9 million dead cap charge. But that would’ve pushed $6.8 million in dead money to 2024. The Giants were also likely eager to free up cap space now, so they can better operate in free agency.
The release, no matter how it was to occur, was widely expected. Golladay was a massive disappointment for two years and became one of the worst signings in franchise history. It was always best for both parties to part ways after this season, as releasing him during the 2022 season would’ve been wildly expensive. And it’s not like Golladay had a booming trade market anyway.
The Giants will have a number of other decisions to make at receiver this offseason. Darius Slayton has an expiring contract and isn’t slated to cash in during the free agency period, so he might be back on another one-year deal. The same might go for Sterling Shepard, but there are obviously injury concerns. Shepard has played just two full seasons in his seven years with the team.
Schoen also needs to upgrade the room significantly and is expected to do so, at least during the draft.
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