The New York Giants are heading into the 2025 NFL season with more than just lineup questions. Just days before their Week 1 clash, the front office made a move that has stunned fans and analysts alike: a major contract restructure that frees up $12.2 million in salary-cap space.
At the heart of this financial shake-up is Andrew Thomas, the former first-round pick who signed a five-year, $117.5 million extension after his breakout 2022 season. The move, while instantly beneficial in creating flexibility for the Giants, could carry serious long-term consequences — especially given Thomas’ recent battle with injuries.
A Star Born, Then Stalled
When the Giants selected Thomas fourth overall in the 2020 NFL Draft, they envisioned a franchise cornerstone at left tackle. After early struggles, Thomas silenced doubters with a dominant 2022 campaign, earning an All-Pro Second Team selection and establishing himself as one of the NFL’s top blindside protectors.
That performance earned him the megadeal — a $117.5 million extension that placed him among the highest-paid offensive linemen in football.
But the years since have not followed the script. Thomas has managed to appear in only 16 games across the last two seasons, with injuries preventing him from maintaining his All-Pro level of play. Most recently, offseason Lisfranc foot surgery has left his Week 1 status uncertain.
Why Restructure Now?
By restructuring Thomas’ contract, the Giants instantly cleared $12.2 million in cap space for the 2025 season, giving them flexibility to maneuver in a critical year. That money could be used for midseason signings, extensions for emerging stars, or simply to keep options open should injuries hit hard.
However, the move pushes money into the future, adding $3 million to Thomas’ cap hit each season for the next four years. That’s a steep price if injuries continue to limit him.
NFL insider Dan Duggan of The Athletic voiced the skepticism many share:
“Surprised the Giants did Thomas over Dexter Lawrence, given Schoen has been conservative about restructuring players with injury histories. This is a max restructure of Thomas that will add $3M to his cap hits in each of the next four years.”
The Case for Dexter Lawrence
Many expected the Giants to restructure Dexter Lawrence’s contract instead. Unlike Thomas, Lawrence has been the picture of consistency. Since being moved to defensive tackle full-time, he has blossomed into one of the league’s most dominant interior linemen, earning three consecutive Pro Bowl nods and multiple All-Pro Second Team honors.
His four-year, $87.5 million deal would have been far less risky to restructure, spreading money out without the same durability concerns that surround Thomas. Choosing Thomas over Lawrence shows just how much faith the front office still has in their left tackle.
A Calculated Gamble with Franchise Implications
The Giants’ decision highlights the fine balance between short-term necessity and long-term risk. Freeing up $12.2 million in cap space may help the team stay competitive in 2025, but if Thomas fails to return to All-Pro form, the franchise could find itself handcuffed by ballooning cap hits in the seasons ahead.
For general manager Joe Schoen, this is more than just a financial move — it’s a statement of trust. The Giants are betting big that Thomas, despite recent setbacks, can once again anchor their offensive line and protect their quarterback against elite pass rushers.
What Comes Next
All eyes will now be on Thomas as he battles back from offseason surgery. If he returns to form and locks down the left tackle spot, the restructure may look like a masterstroke: buying the Giants immediate flexibility while keeping their cornerstone secure.
But if injuries continue to mount, this decision could be remembered as one of the riskiest financial moves in Giants history.
One thing is certain: the $117.5 million gamble ensures that Thomas’ name — and performance — will define not just the offensive line, but the Giants’ entire future.
