The Giants have converted $5.985MM of Sterling Shepard’s base salary into a signing bonus (Twitter link via Field Yates of ESPN.com). The adjustment gives the Giants $3.99MM additional room while increasing Sterling’s 2022-2023 cap charges by $1.995MM. 
Shepard has been a focal point of the Giants’ offense for the last five years, totaling 313 catches for 3,518 yards and 20 touchdowns. He matched his career best in receptions last year (66) in just 12 games, though his 656 yards were down from his usual work. Shepard finished 2020 with 9.9 yards per grab, a number that he’ll look to improve upon this year.
Fellow wideout Darius Slayton and tight end Evan Engram were the only Giants to receive more looks from Daniel Jones (and Colt McCoy) in 2020. Still, Shepard caught more passes than anyone on the team.
Shepard and the Giants will open the 2021 season on Sunday when they take on the Broncos at MetLife Stadium.
While Gettleman is working hard to get under the cap before the season starts, I feel as though he’s pushing the cap problem to next year and beyond. With players like Barkley, Jones, Peppers and some others needing contract extensions, I think the Giants are in for more roster and cap problems in the next couple of years.
Some of the off season signings and for the amounts of money now make no sense. (Ex: Kyle Rudolph for $4+ million, and Adore Jackson to name 2).
He won’t be here next year if the team underperforms, so what does he care?
That will be his parting gift when he is gone next year…