How much can the Giants save by cutting Kenny Golladay?

The New York Giants are likely to cut wide receiver Kenny Golladay this offseason following two disappointing seasons with the team. Golladay signed a 4 year, $72 million contract with the Giants in 2021 but is a prime cut candidate entering the 2023 offseason. If the Giants cut Golladay this offseason, they can save $6.7 million in salary cap space.

Giants could save $6.7 million cutting Kenny Golladay

Kenny Golladay was recently listed as a potential cut candidate for the New York Giants by Brad Spielberger of PFF. “After two seasons, Golladay will end up earning just under $1 million per reception,” said Spielberger. “Golladay hardly played all year and logged just six snaps over two playoff games despite a bevy of injuries to the team’s wide receiver group.”

Golladay produced just six receptions for 81 yards and one touchdown in 12 games this past season. Golladay was inked to a big-money contract two seasons ago with the expectation he would be the team’s top receiving threat. After a disappointing start to the 2022 season, Golladay was buried on the depth chart and phased out of the offense.

The Giants can move on from Kenny Golladay and invest that money elsewhere. Releasing the 6-foot-4 wideout will save $6.7 million in cap space, but the Giants will incur $14.7 million in dead cap.

If the Giants were to somehow figure out a way to trade Golladay, they could free up $11.2 million while incurring a dead cap penalty of only $10.2 million. However, it is highly unlikely the Giants would be able to find a team willing to take on Golladay and his contract.

In all likelihood, the New York Giants will cut their losses and release Kenny Golladay this offseason to free up $6.7 million in salary cap space. That money could be widely invested in the Giants’ positions of need, or allocated toward the extensions of Saquon Barkley and Daniel Jones.