The New York Giants picked up $5 million in salary cap space Monday when the post-June 1 release of center David Baas became official. This is a procedural move, as the team announced Baas' release in March but designated it a post-June 1 cut so they could spread out the signing bonus cap hit over future seasons instead of absorbing it all this year.
This means the Giants have fresh money to spend as of today, and I would expect them to add a player or two in the coming days or weeks. But don't expect them to go back to adding and spending the way they did in March.
First, and most importantly, there's very little left on which to spend free-agent money. Fans may want a big-name tight end such as Jermichael Finley or Dustin Keller, but both of those guys come with serious medical concerns that would have to be addressed first. And even if the Giants wanted to sign a player like that, it would be on a low-cost, low-risk deal that wouldn't likely require all of that fresh cap room.
Secondly, they're not required to use the cap room this year. The Giants' cash spend is sufficient to meet the CBA-imposed requirements for the salary floor (which is computed over a four-year period anyway), and they're allowed to carry forward cap room into next year if they want to. At this point in the market, that may be a better use of the cap room than overspending to add a summertime piece.
My guess is the Giants do find a player or two in the coming weeks. My first thought is they could add a depth piece on the defensive line, where they risk being a bit thin. But with John Jerry injured and Will Beatty still not practicing, I could see them adding a veteran offensive lineman as well. Those are just educated guesses, and obviously they could churn the roster a fair bit here with their new cap room. But I don't think they're out there planning to do that.