UPDATE (10:30 a.m.): The Dallas Cowboys are hiring Mike McCarthy. Read more about that here.

It’s time for a literal and figurative blank check.

That should be the mentality that John Mara and the Giants ownership has when interviewing Baylor head coach Matt Rhule.

Here’s why landing Rhule needs to be the No. 1 priority for the Giants organization, and why accepting no for an answer can hurt the team for years to come.

Can’t get this one wrong: The Giants have made mistakes on back-to-back coaching hires. When you factor in the butchered end of the Tom Coughlin era (mostly due to poor roster construction), a mistake now would likely render the Giants as an irrelevant franchise for a full decade.

Culture builder: Look at what Rhule established at Temple and Baylor. This is a coach that knows how to build a foundation, something the Giants haven’t had in either of their last two leaders. For the first time since hiring Coughlin in 2004, the Giants are in need of someone that will truly change the way the team prepares and plays. Rhule did that in both of his college stops.

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Time is now: Quarterback Daniel Jones is going into year two of his rookie deal, and the clock now begins to tick on his time as one of the better cheap assets in the game. Saquon Barkley’s talent won’t get any better than it is now. Draft bounty is present, especially if the Giants auction off the fourth overall selection.

Other candidates all feel very flawed: Mike McCarthy is good, not great. Don Martindale is intriguing, but far from a slam dunk. It would be easier to feel great about Eric Bieniemy if the Chiefs offensive coordinator called plays. Josh McDaniels feels like more hype than substance. Jason Garrett could bring stability, but little high-end Super Bowl upside.

Cowboys are looming: Don’t discount this. If the Giants get cute with Rhule or balk at his price or roster control demands, the Cowboys could keep him in Texas. The Giants have been behind in the NFC East for years. This would only further that.

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Joe Giglio may be reached at jgiglio@njadvancemedia.com. Follow him on Twitter @JoeGiglioSports. Find NJ.com on Facebook.