The Kenny Golladay era in East Rutherford will officially come to an end on the first day of the new league year — March 15.
ESPN’s Adam Schefter reports that the New York Giants will save $6.7 million against the salary cap by waiting until that date.
Giants are releasing WR Kenny Golladay on the first day of the league year, March 15, per source.
By waiting until March 15, they will save $6.7 million against their salary cap.
— Adam Schefter (@AdamSchefter) February 28, 2023
Despite the release, Golladay will still earn a $4.5 million cash roster bonus.
The Giants signed Golladay to a four-year, $72 million contract prior to the 2021 season. He was expected to come in and serve as the WR1 for quarterback Daniel Jones, but those plans never came to fruition.
Due to lingering hip issues that plagued him in Detroit, which were overlooked by former general manager Dave Gettleman, and other injuries, Golladay drastically under-performed in New York. He hauled in just 43 receptions for 602 yards and one touchdown in two seasons.
Golladay’s sole touchdown came on the last pass he saw in 2022 — a late score off the arm of backup quarterback Davis Webb.
The Giants could save more money against the cap if they designate Golladay a post-June 1 cut but that would push some dead money into 2024. Multiple reports suggest the Giants haven’t made a final decision on the timing of Golladay’s cut just yet.
Golladay was informed of his pending release on Tuesday morning.
