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.
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.