The New York Giants have decided not to utilize the transition tag on safety Xavier McKinney, rendering him a free agent this offseason, as reported by Mike Garafolo and Ian Rapoport of NFL Network.
Saquon Barkley is unlikely to receive either the franchise or transition tag, according to ESPN’s Adam Schefter. This means that two key players for the team are poised to enter the open market.
There was speculation that the Giants might employ the $13.8 million transition tag on McKinney. This tag would have allowed the team to retain him at that salary for the next season or match any offer he received from other teams.
However, instead of retaining McKinney, the Giants are bracing themselves for the possibility of him departing, which would be a significant blow. McKinney, at 24 years old, is coming off his most impressive season yet, setting career highs in tackles, passes defended, and fumble recoveries, while also contributing interceptions and tackles for loss.
The decision not to retain McKinney reflects a bold move by the Giants, particularly when considering that he played every defensive snap last season and was a two-time captain.
Coupled with the potential departure of Barkley, the Giants are facing a pivotal offseason. Despite reaching the postseason two seasons ago, the team struggled significantly last year, finishing with a 6-11 record.
The Giants may opt to rebuild around a young quarterback in the upcoming NFL draft, possibly leading them to part ways with veteran free agents on lucrative contracts.
This is especially pertinent with Daniel Jones currently signed to a four-year, $160 million deal, which would incur significant dead cap penalties if he were to be cut or traded this offseason.
However, given Jones’ inconsistent performance thus far in his career, it’s unlikely that any team would willingly absorb his contract. Moreover, the dead cap hit will decrease significantly after the 2024 season, ensuring Jones’ presence with the Giants for at least another year.
Regarding players like McKinney and Barkley, they may not find the robust market they anticipate and could potentially return to New York on team-friendly deals.
Nonetheless, this would represent a gamble for the Giants, who cannot afford to lose talented players if they hope to revamp their roster this offseason rather than embarking on a multi-year rebuilding process.
The Giants’ approach to free agency and the draft will be closely watched this offseason, providing insights into both their immediate and long-term strategies.
