Wide receiver Sterling Shepard will not be a salary cap casualty this offseason, as he has agreed to a re-structured deal to remain with the Giants for a seventh season.
Per SNY’s Ralph Vacchiano, Shepard agreed to cut his $8.475 million salary for 2022 in exchange for wiping 2023 off his deal, so he will become a free agent after this season instead of 2023. In addition, Vacchiano reports Shepard’s new deal has incentives that can help him earn back some of the cut salary.
Shepard was scheduled to have a cap hit of $12.495 million in 2022 and $13.495 million in 2023, so cutting him would have saved the Giants $4.5 million while leaving roughly $8 million in dead cap.
Instead, the team has found a way to keep the 29-year-old amidst a cap purge, one that has already claimed tight end Kyle Rudolph and running back Devontae Booker as new GM Joe Schoen looks to shave $40 million off the payroll.
Shepard was a second-round pick in 2016 and has 349 catches for 3,884 yards and 21 receiving scores in six seasons, but his 72 regular-season games played include just 29 out of a possible 49 over the last three seasons, since he signed his four-year, $41 million extension to his rookie deal.
The injury train began in 2019 when he missed six games due to a pair of concussions, and after missing four games with turf toe in 2020, he missed 10 games in 2021 – seven over three separate mid-season stints dealing with a pair of hamstring injuries and a quad strain, and the final three after he tore his Achilles in a Week 15 loss to Dallas.
Listen to New York sports talk now on Audacy and shop the latest Giants team gear
Shepard’s restructure gives the Giants a solid wideout when he is ready to return from the Achilles tear, but also adds another crossroads to a Giants offense heading into its first season under new head coach Brian Daboll and offensive coordinator Mike Kafka: 2022 is also the final year of Saquon Barkley’s deal and could be Daniel Jones’ final year if his fifth-year option is not exercised, so the 2023 Big Blue offense could look drastically different than this year’s version.
Follow Lou DiPietro on Twitter: @LouDiPietroWFAN
Follow WFAN on Social Media
Twitter | Facebook | Instagram | YouTube | Twitch
