According to Mike Garafolo, the Giants and WR Sterling Shepard have agreed to a reworked deal that lowers his cap figure and allows him to stay in New York another season.
The two sides have been working on a pay cut for several days now. The Giants initially wanted to slash Shepard’s scheduled $8.475 million down to the veteran minimum of $1.035 million while also voiding the final year of his deal in 2023.
Releasing Shepard outright would have saved $4.5 million and incurred $8 million in dead money.
Shepard is recovering from a torn Achilles. He could be ready for Week 1 but will likely miss at least OTAs.
Shepard, 29, is a former second-round pick of the Giants back in 2016. He was entering the final year of his four-year, $5.944 million rookie contract when he agreed to a four-year, $41 million extension that includes $21.3 million guaranteed.
Shepard is set to make base salaries of $8.475 and $9.475 million in the final two years of his deal.
In 2021, Shepard appeared in seven games for the Giants and caught 36 passes for 366 yards receiving and one touchdown.
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