Duggan notes that Stewart would have carried a cap hit of $2.775 million in 2019, but declining his option won’t result in any dead money for the Giants, who will pick up a $250,000 cap credit.
Stewart, 31, is a former first-round pick of the Panthers back in 2008. He was in the final year of his six-year, $37.811 million contract when he signed a two-year, $8 million deal that included $1.1 million guaranteed with the Panthers last year.
Stewart was set to make a base salary of $1.9 million for the 2018 season when the Panthers released him in March. The Giants later signed him to a two-year, $6.9 million deal.
Stewart was set to make base salaries of $1.4 million and $2.35 million over the next two years.
In 2018, Stewart appeared in three games for the Giants and rushed for 17 yards on six carries (2.8 YPC) and no touchdowns.