The New York Giants’ focus in free agency has been to get bigger on offense, but that doesn’t mean there’s no place for a small playmaker. Enter 5-foot-9, 162-pound wide receiver Calvin Austin III, who is signing a one-year, $1.5 million contract with $3 million in incentives, according to league sources.

That’s a cheap contract for a 26-year-old receiver who set career highs with 36 catches, 548 yards and four touchdowns for the Pittsburgh Steelers in 2024. Austin’s production dipped to 31 catches for 372 yards and three touchdowns last season. Still, he was ranked No. 38 in The Athletic’s top 150 free agents; he was the eighth-ranked receiver.

A fourth-round pick in the 2022 draft by the Steelers, Austin missed his entire rookie season with a foot injury. He flashed play-making ability at times over the next three seasons, but was inconsistent. He had one of his best games in a win over the Giants in the 2024 season, recording three catches for 54 yards and a touchdown and breaking a 73-yard touchdown on a punt return.

How he fits

The Giants lost slot receiver Wan’Dale Robinson to the Titans on a four-year, $70 million contract. It’s easy to pencil one diminutive receiver in for another, but Austin hasn’t been nearly as productive as Robinson. With the Giants leaning into more of a two-tight-end offense, Austin won’t be featured nearly as much as Robinson was. Yet, every offense needs a slot receiver, and Austin is now the Giants’ top option for that role. Austin split his snaps almost 50-50 between the slot and the perimeter in Pittsburgh, so he has the flexibility to line up wide when the Giants want to shift No. 1 receiver Malik Nabers into the slot. Austin is a more serious threat than his size suggests, as he averaged 15.2 yards per catch in 2024.

2026 roster impact

Austin’s arrival adds competition for Gunner Olszewski, who re-signed last week on a one-year, $1.4 million contract with $300,000 guaranteed. Austin is a far more accomplished receiver than Olszewski, who has 25 catches in six seasons. Olszewski’s path to a roster spot is as a returner, and that’s where Austin poses a threat. Austin averaged 8.9 yards on 72 punt returns during the past three seasons. Olszewski has averaged 10.4 yards on 56 punt returns over his past three seasons.

Cap update

Austin’s contract is as insignificant as it comes for the salary cap. With the structure of many of the contracts the Giants have handed out in free agency still not known, it’s impossible to know exactly how much cap space they have. Yet, Over the Cap projects them at $12.1 million without accounting for the signings of tight end Isaiah Likely (three years, $40 million), linebacker Tremaine Edmunds (three years, $36 million) and cornerback Greg Newsome (one year, $8 million), so it’s safe to assume there will be some cap gymnastics coming in the near future.

Dan Duggan’s takeaway

The modest investment in Austin doesn’t guarantee him a roster spot, although his production and pedigree give him the inside track. Still, even as he battles Olszewski for a roster spot, the Giants could draft (or sign) a wide receiver to jump the two on the depth chart. These are the type of low-cost bargains available in the second wave of free agency; there’s no downside to the Giants taking a flier.