The New York Giants have made the decision to release wide receiver Kenny Golladay on March 15, 2023, which is the first day of the league year. According to ESPN’s Adam Schefter, the Giants plan to release him on this date in order to save $6.7 million against their salary cap. Golladay, who is 29 years old, was set to count $21.4 million against the cap, so this move will allow the Giants to save a significant amount of money.
Despite being guaranteed $4.5 million from the Giants this season, Golladay has been a major disappointment since signing a four-year, $72 million deal in the 2021 offseason. Injuries have kept him off the field for much of the season, and he was not even part of the Giants’ receiver rotation by the end of the past season.
In fact, Golladay finished his career in New York with only 43 catches, 602 yards, and one touchdown. That single touchdown came in the final regular season game of the season alongside the backups. This is a far cry from his previous seasons with the Detroit Lions, where he spent his first four years in the NFL and earned a Pro Bowl selection in 2019. During that season, Golladay had career highs with 1,190 yards and 11 touchdowns.
The decision to release Golladay is likely due to his poor performance and lack of production, as well as his hefty salary cap hit. The Giants are likely hoping to use the money saved by releasing him to address other areas of need on their roster. While Golladay will still receive a significant amount of money from the Giants, he will now have the opportunity to find a new team and try to get his career back on track.
The next question becomes, are any teams interested in signing Golladay? And if so, at what price? There is potential for a value year or two in terms of being able to sign him on the cheap while getting production that exceeds that value of the contract. With that said, I’m not confident he can return to form.