Andrew Thomas landed a lucrative investment from the Giants last summer, and his extension has him on the books through 2029. A recent adjustment made to the pact freed up short-term spending power.
New York converted $4.18MM in 2024 base salary into a signing bonus, ESPN’s Field Yates notes. That move created $3.34MM in cap space available to be used during the final roster-building moves of the offseason or breathing space for during the year. The Giants were already in better cap shape than many teams, however, and the move leaves them with nearly $17MM in available funds – more than what will be needed for any one-year, low-cost deals given to free agents in the coming days.
As Dan Duggan of The Athletic notes, New York had the option of converting another $10MM into a signing bonus (and thus freeing up even more room). Teams often carve out the maximum breathing room possible when executing restructures, although such moves are generally made around free agency. Thomas’ cap number is set to jump to $19.92MM next year, but that figure will remain relatively flat throughout the rest of the pact.
Here are details on some other recent NFL restructures:
- The Steelers reworked the contract of linebacker Cole Holcomb earlier this month. Pittsburgh added $3.1MM in guaranteed compensation, per Aaron Wilson of KPRC2. The contract includes a split, a provision which allows teams to lower the base pay of players if they land on IR or PUP. Holcomb, 28, went down with a knee injury midway through his debut Steelers campaign and is in danger of missing considerable time again in 2024. This move provides him with added locked in compensation should he manage to remain healthy this season, though. Holcomb’s original Pittsburgh pact, signed last spring, runs through 2025.
- Josh Metellus has negotiated adjustments to his Vikings pact, as detailed by Wilson. Three void years (2026-28) were added to the contract, along with incentives totaling $5MM over the next two years – although $3.5MM of that figure has been deemed not likely to be earned. None of the 26-year-old’s overall pay (ranging from $1.23MM to $3.78MM) or cap figures ($2.01MM to $4.76MM) have changed as a result of this arrangement, though. As a result, Ben Goessling of the Minneapolis Star Tribune predicts further restructuring could take place in the future.