The Giants are going to run the risk of losing Xavier McKinney in free agency.
Instead of retaining the right to match any contract offer that McKinney signs with another team once free agency opens Monday, the Giants opted against applying the transition tag, which amounts to a one-year, $13.8 million tender.
Tuesday’s decision leaves just six more days in the exclusive negotiation window to get done a multi-year extension, though it is still possible that the sides could come back together after both shop around next week for other fits.
The transition tag is rarely used but the Giants-McKinney negotiation seemed like an ideal time because the open market could decide his worth.
The thought around the league was that there would be a wide gap between the valuations that the Giants had for McKinney and that McKinney had for himself.
McKinney is represented by agent David Mulugheta, who took safety Landon Collins from the Giants to Washington on a record-setting contract in 2019 and subsequently has negotiated three of the current eight-biggest contracts for safeties – all ranging from $14.7 million to $19.1 million per year, per spotrac.com.
It is curious practice for the Giants to let a 24-year-old homegrown two-time captain who played every defensive snap last season walk out the door, especially given how new defensive coordinator Shane Bowen’s scheme features versatile safeties.
Especially with no other obvious candidates for multi-year extensions coming down the pike and general manager Joe Schoen having bucked the Giants’ history of losing their own by re-signing left tackle Andrew Thomas and defensive tackle Dexter Lawrence last offseason.
The consensus among NFL agents is that McKinney is the top safety available in free agency, though Bowen’s history in Tennessee with Kevin Byard, recently released by the Eagles, makes for an interesting wrinkle.
The Giants also have many other holes on the roster at premium positions like cornerback, receiver and offensive line that could be considered more pressing than safety.
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