New York Giants cap space is tighter than it appears. After trimming to 53, they sit around $4.143 million, the second-worst figure in the league, just ahead of the Bills, with the Top 51 rule still in play. The objective? reach roughly $8-$10 million to absorb practice-squad elevations and roster upgrades for injuries during the year.

A massive chunk of cap is tied to dead money (Daniel Jones, Darren Waller, and others), totaling $28.981 million, about 12.4% of the year’s cap. The Giants could create space by converting base salaries (Thomas, Lawrence II, Runyan Jr.) into signing bonuses that prorate over the contract lifetimes.

IR and inactive/PUP players chew into cap space ($4.267M and $3.318M respectively), underscoring how Week 1 availability intersects with payroll. The outcome hinges on maneuvering contracts and timing, leaving plenty to watch as cap-conversion moves unfold.