Giants bolster offense in free agency, but still lack No. 1 WR

No one has spent more money in long-term commitments than the Giants this offseason, though most of that work was done before free agency began. It started with a blockbuster, $160 million commitment to Daniel Jones.

Then they went to work to make sure their newly minted, $40 million-per-year, franchise quarterback would be surrounded by a better team.

He certainly has more and better weapons than he had a year ago, thanks to some shrewd and calculated risks taken by Giants general manager Joe Schoen. Rather than break the bank in free agency for questionable players, he found some relative bargains coming off injury-plagued years. That included a trade for tight end Darren Waller, who last made it through a full season in 2020. And he took a one-year flier on receiver Parris Campbell, a speedy slot receiver who just played a full season for the first time in his four-year career.

Add in the return of Saquon Barkley and receivers Darius Slayton and Sterling Shepard, and Jones undoubtedly has a better cast around him now, assuming they can all stay on the field. The best part, though, is that none of them broke the bank or the Giants' salary cap. As excited as Schoen was to have money to spend this offseason, he didn't do all that work to fix the cap mess he inherited just to screw it up again.

[Darren Waller could be transcendent weapon for Daniel Jones, Giants]

Which means they still have long-term financial health and a chance to be better in the short term. At the very least, Jones has no more excuses. The risks Schoen took are real, but small. And if the Giants get lucky with their health, there's a good chance it will pay off.

Here's a look at how they did this offseason now that the first wave of free agency is over:

GAINS

Signing Daniel Jones to that blockbuster extension with $82 million in guaranteed money was the centerpiece of the Giants' offseason and a move they hope will set them up for a run at the Super Bowl soon. It also allowed them to use the franchise tag on Saquon Barkley ($10.1 million), which was key since they wanted him back but weren't willing to commit much to a running back long-term.

Those two were an effective 1-2 punch last season, but it was obvious to everyone they needed more. Schoen addressed that by sending the third-round pick he got from Kansas City for troublesome receiver Kadarius Toney to Las Vegas for Darren Waller. He's hoping that Waller can be the weapon he was three years ago when he had 107 catches, 1,196 yards and nine touchdowns. Maybe that's a longshot at 30 years old, but anything close will do.

They also think they got a steal in Parris Campbell (one year, $4.7 million), whose speed could add a new dimension to the Giants' offense. They also re-signed Darius Slayton (two years, $12 million, $4.9 million guaranteed), who was their best receiver last season, and veteran Sterling Shepard (one year, $1.2 million, who has missed most of the last two seasons with injuries. Campbell, though, is the best receiver they currently have.

And they didn't neglect their defense, either. Schoen made it clear they needed help on the defensive line, so he went out and signed a big run-stuffer in Rakeem Nunez-Roches (three years, $12 million, $5.5 million guaranteed). He also added fast and tough inside linebacker Bobby Okereke (four years, $40 million, $21.8 million guaranteed) to give them help at a position that was a nightmare last year.

LOSSES

The Giants lost two key starters, though it doesn't look like they made much of an effort to keep either one. Safety Julian Love signed a two-year, $12 million deal with the Seahawks and center Jon Feliciano left for a one-year deal with the 49ers. The departure of Feliciano was a particular surprise, since the Giants also lost center/guard Nick Gates to the Commanders (three years, $16.5 million with $8 million guaranteed).

The two of them had combined for 23 starts last season in the interior of a line that's not exactly deep.

The only other key loss for the Giants was definitely addition by subtraction. They cut overpaid veteran receiver Kenny Golladay, who left behind $14.7 million in "dead money", but at least his monstrosity of a $72 million contract will finally be off their books.

TO-DO LIST

The Giants don't have a single receiver who had more than 63 catches last season, so while the addition of Campbell is nice, that just can't be it. They still need a true No. 1 receiver, and they have to strongly consider taking one in the first- or second-round of the draft. There are free agents available — most notably 30-year-old Odell Beckham who continues to flirt with the Giants — but the Giants' general feeling, according to sources, is that the available group is weak and overpriced.

That's why they'll likely address this in the draft. Although the value in the first round, where they pick 25th overall, might be better at one of their other two positions of need — cornerback and center. They are desperate for help at corner, where they need a No. 2 to play opposite Adoree' Jackson. They don't have much cap room and the free-agent market is thinning, so adding a veteran of any quality at this point is unlikely.

The same is true at center, where they don't really have strong internal options to replace Gates and Feliciano. They were probably going to draft a center in the first two days of the draft anyway. The only question is: which round?

OUTLOOK

The Giants had a playoff-caliber defense last year and an offense that got by on Daniel Jones' legs and fumes. The offense really didn't have much gas to it at all, especially when opponents found a way to shut Saquon Barkley down.

Now, things look better. Not great, but better. Campbell and Slayton are quality No. 2-type receivers, and the Giants still have high hopes for Wan'Dale Robinson, the 5-8 second-round pick who tore his ACL as a rookie last year. That group, plus the returning Isaiah Hodgins and a hopefully healthy Sterling Shepard, gives Giants coach Brian Daboll a bunch of guys who can get open, which is all he says he needs.

Add in Waller and Barkley and it all almost has to be enough to clear the low bar the Giants set last year, when they had the 26th-ranked passing offense in the NFL. If Jones is what they think he is, and what they're paying him to be, they should be at least mediocre next season, if not outright respectable.

That's probably enough to keep them in the playoff hunt again. The Giants' overachieved last year to go 9-7-1, so don't expect them to suddenly be a Super Bowl contender. But they're still a better team than they were a year ago. They have more talent and are starting to keep their best players. In other words, they're on their way.

Ralph Vacchiano is the NFC East reporter for FOX Sports, covering the Washington Commanders, Philadelphia Eagles and New York Giants. He spent the previous six years covering the Giants and Jets for SNY TV in New York, and before that, 16 years covering the Giants and the NFL for the New York Daily News. Follow him Twitter at @RalphVacchiano.

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