The Giants have begun their salary cap shedding, announcing on Wednesday that both tight end Kyle Rudolph and running back Devontae Freeman had been released.
But there is still more work to do, and it could reportedly involve wide receiver Sterling Shepard.
According to Ryan Dunleavy of the New York Post, New York has asked Shepard to take a massive pay cut, and to return to the team on a shortened one-year deal. Shepard, who tore his Achilles back in December, currently has a salary of nearly $8.5 million after signing a four-year, $41 million contract extension back in 2019.
The report did not indicate how much Shepard was asked to cut his pay, but Dunleavy says it is “expected” to be close to the league minimum for a player with six years of service time, or just over $1 million.
Shepard still has two years left on that extension he signed in 2019, but coming off another season disrupted by injury, he could accept the cut, try and stay healthy and productive in a “prove it” year and hit free agency again after next season.
This would be the second time in as many years that Shepard’s contract was restructured. Last season, when Big Blue was again up against the cap, they turned $6 million of his salary into a signing bonus. The 29-year-old was then only able to play in seven games due to his Achilles injury, after playing in 12 the season before and just 10 in 2019.
Per Dunleavy, Shepard is currently weighing his options.
Follow Ryan Chichester on Twitter: @ryanchichester1
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