Giants surprisingly release Nick McCloud after pay cut push

The Giants parted ways with one starter at the NFL trade deadline, but not in the manner that anyone expected. 

General manager Joe Schoen cut cornerback Nick McCloud after he refused to take a pay cut to the league minimum, The Post confirmed, before deciding to hang onto the expiring contracts of receiver Darius Slayton and pass rusher Azeez Ojulari. 

Asking a starter to take an in-season pay cut and then cutting him to save about $1 million is a cutthroat business decision that could resonate in the locker room.

In his third season with the Giants, McCloud was well respected for his willingness to adapt to multiple positions throughout the secondary and remain a punt gunner and core special teamer. 

The Giants (2-7) re-signed McCloud, 26, to the lowest restricted free-agent tender — a one-year, $3 million contract with no guaranteed money — in March but left open the possibility of a pay cut based on performance. 

McCloud won a starting job during training camp, so the Giants did not have the cut-day leverage that worked in the past to get Slayton and cornerback Darnay Holmes to accept reduced salaries.

But McCloud was injured during the opener and talk of a pay cut resurfaced before he returned to start for the shorthanded Giants in Week 4 against the Cowboys, as first reported by ESPN and confirmed by a source. 

The squeeze continued until Tuesday, when McCloud was given one final opportunity to agree to play for the prorated $1.055 minimum ($527,000). When McCloud declined, he was released to save $1.5 million against the salary cap, though it likely will net out at high six-figures if his roster spot is filled by another veteran. 

The Giants were open at one point to restructuring McCloud’s deal by adding an extra year to lower the salary cap hit but the parties could not agree on his free-agent market value, sources said.

They had less than $2 million in salary cap space before the move, per NFLPA records. 

Cor’Dale Flott, Adoree’ Jackson and Tre Hawkins all returned from injuries last week, and Greg Stroman Jr. made his season debut to change the picture of the cornerback depth.

McCloud started five games and played in seven. 

But the Giants have been looking for answers at their weakest position ever since the draft, when they missed out on second-round targets Kamari Lassiter and Kool-Aid McKinstry by a matter of a few picks. 

Deonte Banks, a 2023 first-rounder, was benched against the Steelers on Oct. 25 after two plays earlier in the season where coaches and teammates questioned his effort.

A lack of cornerback depth contributed to Banks not being penalized sooner, defensive backs coach Jerome Henderson said. 

Banks has allowed a league-leading six touchdown catches, per Pro Football Focus. McCloud has allowed nine catches on 11 targets for 170 yards and a touchdown this season. 

The Giants reportedly were looking for fifth-round picks or better to deal either Slayton or Ojulari.

Three edge rushers and two receivers were dealt in the final 24 hours before the deadline. 

One factor involved in not trading Slayton and Ojulari could be the possibility of securing 2026 compensatory draft picks if they leave in free agency.

However, compensatory picks are determined on a free-agency net gain-loss formula, and the Giants could be active spenders as they look to infuse the roster with more talent. 

Hanging onto Slayton makes sense given the dearth of playmakers on the NFL’s lowest-scoring team with eight games still to play.

It is harder to rationalize with Ojulari given his long injury history, his peak value after five sacks in the last four games and Kayvon Thibodeaux’s imminent return later this month to bump Ojulari back into a reserve role. 

It is reminiscent of when the Giants held onto Saquon Barkley and Xavier McKinney at last year’s deadline to prioritize remaining competitive in a lost season — only to lose both in free agency. 

If players were wondering if the goal were still to put the best product on the field after McCloud was cut, keeping Slayton and Ojulari assuages some of that concern.