By waiting until March 15, the Giants will save $6.7 million against their salary cap.
Golladay, 29, was set to count $21.4 million against the cap. He still is guaranteed $4.5 million from the Giants this season.
The former Pro Bowl receiver with the Detroit Lions has been a massive disappointment since signing a four-year, $72 million deal in the 2021 offseason. He's been riddled by injuries and was not even part of the Giants' receiver rotation by the end of this past season.
Golladay finished his career in New York with 43 catches, 602 yards and 1 touchdown. That one score came in the final regular-season game this past season alongside the backups against the Philadelphia Eagles.
Golladay spent his first four seasons with the Lions, eclipsing 1,000 yards twice, including in 2019 when he had career highs with 1,190 yards and 11 touchdowns to earn the only Pro Bowl selection of his career.