The Giants have created a little more cap space for the 2021 season.
Field Yates of ESPN reports that they have restructured the contract of wide receiver Sterling Shepard. They converted just under $6 million of his base salary for this season to a signing bonus in a move that creates $3.99 million in cap space.
The Giants also reworked the deals of defensive backs Logan Ryan and Josh Jackson recently as they got their cap in shape ahead of the season.
Shepard’s cap hits in each of the next two seasons will go up by just under $2 million and releasing him after this season would leave them with $6 million in dead cap space. That may make it likelier that he’s back for another year, although the next few months should provide more information needed to make that decision.