How Giants made needed cap space

The Giants on Wednesday made the anticipated and necessary moves to reduce their 2021 salary cap expenditures. They restructured the contracts of two of their highest-paid returning players, cornerback James Bradberry and inside linebacker Blake Martinez, The Post confirmed, saving $7.5 million on this year’s cap.

The Giants used the traditional cap-savings device of converting base salary into signing bonus. There is no downside for the player — he receives his money immediately, in the form of a bonus — as his base salary for this season is greatly reduced.

Bradberry was scheduled for a base salary of $13.9 million and cost $17.2 million on the 2021 cap. He had $8 million converted to a bonus, creating $4 million in cap space this year. Martinez had his 2021 salary cut from $8.1 million to $1.2 million, as the Giants moved $7 million into a bonus for Martinez, creating $3.5 million in cap space.

If this is such an effective way to gain immediate salary cap relief, why not do it all the time? Well, what a team does not pay for now it pays for later. Bradberry’s cap hit in 2022 goes from $16.5 million to $20.5 million and Martinez’ cap cost in 2022 increases from $10.5 million to $14 million. The additional $7.5 million in cap cost two years from now should not be difficult to absorb. The 2022 cap for every team, with all the new television contract deals in motion and revenues returning to normal after a season of COVID-19 losses, is expected to grow exponentially.

The Giants before these contract gains and cap adjustments were about $3.9 million under the cap, but that did not include the contract for cornerback Adoree’ Jackson.

➤ The Giants did not tender Devante Downs as a restricted free agent but on Wednesday they re-signed him. Downs played in all 16 games last season, starting eight at an inside linebacker spot alongside Martinez. Downs had 33 tackles and one fumble recovery.