According to Dan Duggan, Giants WR Sterling Shepard restructured contract from last season included an automatic void three days after the Super Bowl, which will make him a free agent on Wednesday.
New York will create $4.3 million in dead money by cutting Shepard.
Shepard suffered a torn ACL in Week 3 and was coming off a torn Achilles that ended his 2021 season as well.
Shepard, 30, 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 was set to make base salaries of $8.475 and $9.475 million in the final two years of his deal, however the two sides agreed to a reworked deal that makes him a free agent in 2023.
In 2022, Shepard appeared in three games for the Giants and caught 13 passes for 154 yards receiving and one touchdown.
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