During a mostly anticlimactic trade deadline today, there was a dramatic transaction in New York, where the Giants shockingly waived cornerback Nick McCloud after starting him in five games this year, according to Giants senior managing editor Dan Salomone. Additionally, the team released veteran punter Matt Haack. 
The Giants claimed McCloud off waivers after he was waived by the Bills, Bengals, and Bills a second time after going undrafted in 2021. Since arriving in New York, McCloud has found a consistent contributing role, starting 16 games in 38 appearances since 2022. After three years of favorable grades from Pro Football Focus (subscription required), McCloud is having a down year analytically, grading out as the 104th-best cornerback out of 110 players graded in the league.
Though he hasn’t played up to his potential this year, McCloud still provided some essential versatility to an injury-riddled secondary, being able to roam to the nickel and safety positions when needed. The need to waive McCloud was exacerbated by a want for cap space. According to Ryan Dunleavy of the New York Post, the Giants approached McCloud about taking a pay cut to open up some much-needed cap space and help them navigate the remainder of the season financially. McCloud declined the pay cut and now finds himself in free agency.
Haack was signed to help fill in for regular punter Jamie Gillan. Gillan was questionable heading into the team’s Week 6 matchup with a hamstring injury, and Haack came in to relieve him for the next four games as injury continued to limit Gillan’s availability. With Haack being released, it could be assumed that Gillan is soon to come off the injury report and return to play.