Julio Cortez | AP Photo

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By Matt Lombardo | NJ Advance Media for NJ.com

The Giants made Odell Beckham Jr. the highest paid wide receiver in the NFL, Monday, signing the dynamic four-year veteran to a five-year contract extension worth $95 million with up to $65 million guaranteed over the life of the deal.

Beckham Jr. is one of the most electrifying wide receivers in the league, and a focal point of the Giants' offense.

Even after suffering a season-ending ankle injury in Week 5 last season, Beckham still has averaged 78 receptions for 1,106 yards and 9.5 touchdowns in the first four seasons of his career.

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The fact that the Giants and Beckham were able to come to terms on a deal Monday ensured that the negotiations wouldn't linger over the start of the season on Sept. 9 against the Jacksonville Jaguars.

Likewise, Beckham putting pen to paper on a new contract capped an offseason where Beckham did everything the team could have asked as a participant in voluntary OTAs, mandatory minicamp practices and training camp less than a year removed from suffering a debilitating injury and without the security of a long-term deal.

Beckham's contract not only puts him in exclusive company at his position, but also freed up some spending flexibility for the Giants five days before the deadline for NFL teams to trim the roster to 53 players.

Here's a breakdown of how much cap space the Giants have after coming to terms on Beckham's extension, the implications of the deal in the locker room, how it impacts the team's ability to sign key contributors such as Landon Collins, and everything else you need to know:

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What are the salary cap implications of Beckham's deal?

Beckham's contract details have not officially been published to the NFLPA Database, however, several reports have surfaced that offer a glimpse into the cap savings that the Giants will see this season.

According to SpoTrac, Beckham's base salary drops to $1.45 million this season, and he will collect at least $21.459 million, due to his $20 million signing bonus.

After Beckham signed his contract, the Giants were able to free up $3 million in cap space as his cap number dropped to $5.459 million.

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It has been an active 48 hours for the Giants, who also traded backup center Brett Jones to the Minnesota Vikings for a 2019 NFL Draft pick on Sunday afternoon.

Jones was set to carry a $3 million cap hit in 2018, so the combined savings of the two roster moves amounts to $6 million in cap space this season.

After trading Jones and signing Beckham to a new five-year contract, the Giants currently have approximately $4.554 million in cap space.

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Did the Giants 'win' the negotiations with Odell Beckham, or did he?

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Will Beckham's contract disrupt locker room chemistry? ... Doubtful

If the outpouring of support and congratulations for Beckham on his new deal from current and former players across the league wasn't enough to convince that players are generally thrilled to see a player of his stature rewarded with a mega-extension, his Giants teammates wasted little time driving the point home.

Even before the news was official that a contract had been agreed to, Beckham's Giants teammates threw an impromptu celebration in the locker room after Monday's practice when reports surfaced that a deal was nearly finalized.

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#Giants and Odell Beckham Jr agree to 5-year extension worth $95M. $65M guaranteed and averages $20M over the first 3 years, per @RapSheet. Shep and Odell celebrate (@sterl_shep3 IG) pic.twitter.com/GWplTglM6z — GiantsBlueBlooded (@RealTlkFB) August 27, 2018

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Monday's outpouring of support from teammates follows an offseason in which Beckham's fellow wide receivers repeatedly expressed how valuable and respected he is as a leader.

"It's just great to have Odell back and healthy," Giants wide receiver Hunter Sharp told NJ Advance Media last month. "He's a leader in our room. Odell is a super-smart guy. He's always trying to help one of us, and we're always trying to help him. He's just a natural leader. He takes accountability for everyone. He's on time. He does what he has to do. He puts in the extra work. He kind of leads by example, sometimes he doesn't even talk that much. He's a good guy.

"I feel like having him around will help us as a whole. We're brothers, we're a team, and we've got to grow together if we're going to reach that goal that we all want to get to together."

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NFL players react to Beckham's mega-contract

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Why did the Giants pay Beckham all this money?

A case can be made that Beckham is the most talented wide receiver in the NFL, and his value to the Giants was on full display as the offense collapsed in his absence last season.

Given that Beckham was set on becoming the highest-paid wide receiver, the Giants were in a situation where they could either pay him at that elite level or risk the controversy of acrimonious negotiations looming over this season which is new head coach Pat Shurmur's first at the helm.

"It's a fair deal," CBS Sports' Joel Corry, a former NFL agent, told NJ Advance Media on Monday afternoon. "A win/win for both sides.

"If Beckham had to play out the option year and had his typical production on the field," Corry said. "The Giants would have had no shot of getting him to sign something close to this deal."

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In all actuality, this contract is likely on the lower end of what Beckham and his representatives would have deemed 'acceptable' as it fell below the $100 million total value plateau, and it will take some top-tier seasons to trigger the escalators that push the contract to $95 million from $90 million.

“It’s a five-year extension, six years total,” Giants general manager Dave Gettleman said in a statement released by the team. “We got him until he’s 108. I never worried whether or not we would get it done. I’m pleased, because the litmus test for a contract is that neither side is ticked off before the ink can dry, and neither side should be ticked off. It’s a very fair deal.”

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What about Beckham's past drama and off the field concerns?

It has been apparent since the day that Shurmur was hired by the Giants back in January, that forging a bond with Beckham Jr. was a top priority in his second go-round as an NFL head coach.

As a result, Beckham did just about everything the Giants could have reasonably expected him to this offseason.

Beckham's commitment to getting back on the field without the security of a new deal during OTAs, minicamp, and training camp is rather remarkable given that multiple reports surfaced at the NFL Meetings back in March that the Giants were entertaining trade offers for him and owner John Mara said that Beckham was 'not untouchable.'

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Even after an offseason that included a video surfacing of Beckham in bed with a Parisian model with what appeared to possibly be an illegal substance and unidentified white powder nearby, the Giants are obviously confident in his personal growth over the last several months.

“As I have said, I think Odell personally is moving in the right direction,” Mara said via a statement from the team. “He came to camp with a tremendous attitude, with a smile on his face and worked hard and reminded us of his unique abilities. He’s ready to have a great season and we’re ready for him to have a great season.”

From embracing a leadership role, taking rookie running back Saquon Barkley under his wing, and selflessly taking the field all offseason, Beckham appears to have turned a corner as a person and teammate over the past several months, which the Giants rewarded him for with Monday's deal.

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What's next for Giants? What about Landon Collins' deal?

While a clearer picture of the Giants' long-term salary cap situation will be revealed once Beckham's contract is filed with the NFLPA and made public, the reality is that this deal likely makes it easier for the team to sign other marquee players such as All-Pro safety Landon Collins to a long-term deal.

Collins is entering the final year of his deal and will count $1.94 million against the cap, if the Giants aren't able to sign him to an extension.

Adding $3 million in spending flexibility under the salary cap with Beckham's deal gives the Giants some flexibility to work with while negotiating with Collins.

However, it is worth noting that the Giants did not sign Beckham for the purpose of freeing up cap space for flexibility elsewhere, they signed him to a mega-deal because of the value that he brings both to the offense and the team.

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Assuming that the Giants pay Collins somewhere in the neighborhood of the highest-paid safety in the league, he is looking at a contract somewhere in the range of Eric Berry's league-high $78 million in total value and Earl Thomas' $40 million contract that makes him the fifth-highest paid at the position.

Berry's deal with the Kansas City Chiefs pays him an average of $13 million per season.

Teams generally find a way to structure long-term contracts to make the money work under the salary cap. Collins' negotiations will likely hinge on whether the Giants are motivated to sign him to a long-term extension and can make the money work now, or would be content to use the franchise tag on him this offseason and commit an average of the top-five players at the position for one season which would equate to a cap-hit of $11.7 million in 2019.

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Who could eclipse Beckham?

As Nate Solder found out earlier this summer, a player's reign as the highest-paid player at the position tends to be short-lived.

While Beckham sets the market at the wide receiver position by every measurable metric, several premier talents at the position likely have the chance to eclipse his deal in the coming months or by next offseason.

Jones restructured his contract with the Falcons last month, moving $2.9 million from 2019 to the 2018 year of Jones' deal, combined it with $1.5M from this year's base salary and gave him a $4.4M signing bonus payable over 17 weeks.

However, it remains possible that the Falcons could restructure Jones' deal once again this offseason if he outplays his contract in 2018.

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Matt Lombardo may be reached at MLombardo@njadvancemedia.com. Follow him on Twitter @MattLombardoNFL

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