The Giants have created $3MM in cap space by reworking the contract of veteran cornerback Janoris Jenkins, according to Field Yates of ESPN.com (Twitter link).
Jenkins had been scheduled to earn a $10.9MM base salary in 2018, but he agreed to convert $4.5MM of that total into a signing bonus. It’s a positive both for Jenkins, as he’ll get a portion of his money immediately, and New York, who had only about $5.5MM in available salary cap space before today’s move.
The Giants needed the extra funds, as certain issues — injured reserve players, adding reinforcements — will arise throughout the season, but restructuring Jenkins’ deal will make him all the more difficult to release down the line. Signing bonuses are prorated over the life of a contract, so Jenkins’ cap charge (and hypothetical dead money) will increase by $1.5MM in both 2019 and 2020.
Jenkins had an eventful campaign in 2017, as he missed seven games due to injury and a team-imposed suspension. When he was on the field, Jenkins graded as an average cornerback per Pro Football Focus, which ranked him 60th among 120 qualifiers. He finished 24th in Football Outsiders’ success rate, meaning he was effective at stopping receivers short of the sticks.