The Giants started the process of creating cap space this month by releasing several veteran players and it continued with a restructuring of linebacker Mathias Kiwanuka’s contract.
Jenny Vrentas of the Newark Star-Ledger reports that the team has gained $1 million in cap space for 2013 by converting $1.5 million of Kiwanuka’s guaranteed salary for next season into a signing bonus. The move doesn’t cost Kiwanuka any money, but drops his cap figure from $5.125 million to $4.125 million by spreading the hit out over the remaining two years of his deal.
As a result, Kiwanuka will have a slightly higher cap number — about $500,000 — in 2014 and 2015. He doesn’t have any guaranteed money headed his way, though, so the Giants could likely revisit the contract again in the future if they want to bring his cap hit to a more manageable level.
Along with the departures of Ahmad Bradshaw, Chris Canty and Michael Boley, the Giants have brought themselves into better shape with the cap. There’s likely more work to be done in order to tender their restricted free agents, including Victor Cruz, as well as bring back free agents like tackle Will Beatty and tight end Martellus Bennett, however.