It's official! The 2024 NFL free agency period has begun. The two days of legal tampering has concluded and free agency officially kicked off at 4pm ET Wednesday. There will certainly still be plenty of free agency news to come, but let's take a look at how the Giants faired through the first wave of signings.

The Giants were one of the busiest franchises in the league, re-signing talent, signing brand new players, and even bringing in one star defender via trade. Let's dive in and see how general manager Joe Schoen and the Giants have graded out thus far as 2024 NFL free agency takes its first steps.

Giants Acquisitions via Trade

EDGE Brian Burns, 5 years for $150 million

The Brian Burns trade with the Carolina Panthers was the biggest win for the Giants this week. They did have to part ways with the 39th overall pick in the 2024 NFL Draft and a fifth round pick in 2025, but they desperately needed a top notch edge rusher to pair with Kayvon Thibodeaux.

The only questionable aspect of the deal was that Burns was probably a bit overpaid for what he did two years ago versus who he is now. He was barely a top 40 edge when it came to pressure rate last year. $30 million a year is pretty aggressive for that kind of play. Still, overall a win.

Grade: A-

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Giants New Free Agency Signings

RB Devin Singletary, 3 years for $16.5 million

Singletary has been one of the most consistent running backs in the NFL since entering the league back in 2019. He's never logged less than 750 rushing yards in a season, and never more than 986. Singletary always logs above average marks in missed tackles forced, explosive play rate, and receiving value while also not being anything spectacular.

It's going to be tough for him to come in and be anywhere near as good a player as Saquon Barkley, so expect a downgrade at the position, but the cost is a nice value for the team, only paying $5.5 million a year for their presumed starter. 

Grade: B

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QB Drew Lock, 1 year for $5 million

There's a non-zero chance that Drew Lock is a better quarterback than whatever Daniel Jones is at this point. Jones was one of the worst starters in the league last year before going down with injury, throwing two touchdowns to six interceptions in six games. Lock gives the Giants an upgrade at backup quarterback (sorry Devito fans) as well as a great "wave the white flag and tank for a better pick" replacement when and if the wheels come off for Daniel Jones again this year.

Grade: B-

WR Isaiah McKenzie, 1 year

Isaiah McKenzie is a near zero value player as a receiver. Through six pro seasons McKenzie has logged more than 282 receiving yards just once. However, he is one of the best return weapons in the NFL for both punts and kickoffs. McKenzie should immediately become the team's best option at returner, an area where they were clearly weak a year ago.

Grade: C+

DB Jalen Mills, 1 year for $985 thousand

The Giants brought Jalen Mills in for the veteran salary benefit of $985 thousand for just one season. That's an absolute steal for a defensive back with nearly 6000 NFL snaps under his belt. It is notable that Mills struggled so much in one-on-one coverage early in his career that he switched to safety. However, the Giants won't be putting him in tough situations where he's by himself on an island with receivers.

Grade: B-

OL Jermaine Eluemunor, 2 years for $14 million

Signing Eluemunor gives the Giants some much-needed right tackle help. Evan Neal cracked his ankle last season and missed the majority of the year, leaving the right side of the Giants offensive line quite vulnerable. But he wasn't actually playing well even before the injury. Eluemunor might not start for the Giants, but if Neal continues to struggle it's nice to know the team has options.

Grade: C+

OL Jon Runyan Jr., 3 years for $30 million

By his standards, Jon Runyan had a bit of a down year in 2023, posting career lows in pass block efficiency, pressures allowed, and hits on his quarterbacks, but his overall numbers are still starter level quality among NFL guards. Getting a quality right guard with pass block win rates around 98% for his career is a strong value at $10 million a year.

Grade: B+

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Giants Free Agent Re-Signings

LB Carter Coughlin, 1 year

Coughlin led the Giants in special teams snaps and tackles in both 2022 and 2023, but also led by far in missed tackles. The Giants' special teams has actually been a point of struggle. Bringing back a veteran is nice, but it's unclear whether it's actually a good thing.

Grade: C

LS Casey Kreiter, 1 year

Casey Kreiter is coming up on his ninth NFL season. Bringing back an experienced consistent long snapper can't be considered much better than neutral, but he did snag four tackles last year (career best). C+ for tackle effort!

Grade: C+

WR/PR Gunner Olszewski, 1 year for $1.125 million

Gunner Olszewski returns to the Giants to be a key special teams contributor yet again. He was a plus value punt returner both last year and in his 2020 season with the Patriots, so there's value here. However, he likely loses a good chunk of his return duties to recent signee, Isaiah McKenzie.

Grade: C+

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Giants First Wave Free Agency Grade: B-

Outside of the Brian Burns trade (and slight overpay) there really weren't any other flashy moves made by the Giants during the first wave of NFL free agency. The Singletary and Runyon acquisitions were definitely great value for above average NFL players and should certainly give a slight boost to the offense. But is that good enough? Not nearly.

There's still plenty of time for the Giants to get their roster right, but the problem is after this first wave of free agency they have less than an estimated $5 million dollars in cap room. Contract restructures will need to be made if the Giants want to bring any other difference makers via free agency.