The New York Giants are releasing wide receiver Kenny Golladay when the new league year starts on March 15, according to a report from ESPN’s Adam Schefter. Two years ago, Golladay signed a four-year, $72 million deal with $40 million guaranteed. Now he won’t see the final two years of that contract after catching just 43 passes for 602 yards and a single touchdown in a Giants uniform.
Back in 2020, the Detroit Lions were facing a tough decision with Golladay. Their former third-round pick was heading into the final year of his rookie deal and was coming off a Pro Bowl season where he caught 65 passes for 1,190 yards and a league-leading 11 touchdowns. Then general manager Bob Quinn made the tough decision not to extend him prior to the 2020 season. The following year, new general manager Brad Holmes had to consider either franchise tagging Golladay, extending him, or letting him hit free agency. It was a hotly-debated topic for a few months, but Holmes ultimately decided to let Golladay walk.
It’s clear now that was the right decision. Not only did Golladay’s play drop off significantly without Matthew Stafford throwing him the ball, but the Lions also recouped a third-round compensatory pick by letting Golladay hit free agency and sign a massive deal with the Giants. That third-round pick turned into safety Kerby Joseph, who is coming off an impressive rookie season with eight passes defended and four interceptions.
The move will free up $6.7 million in cap space for the Giants, but he’ll still take up a massive $14.7 million in dead cap for them.