this is a really hard one because there aren't many or any relevant comps so whatever it ends up i expect it to be pretty creative. but we've seen the number "$20m" thrown out there so if that's the case here's a stab at one way to do that.
as is this is basically a 1.5 year deal guaranteeing OBJ 20m cash over the next 12 months. A prove it deal for both sides that will likely lead to either a renegotiated extension in 2024 in success or a cut with minimal pain if he tanks.
compared to the options at the deadline, like giving up picks for DJ Moore or Cooks who each had similar 18-20m guarantees next year, or giving up a 2nd for an inferior but cheaper Claypool, this seems a much smarter use of assets for nyg. the only risk is some cap room next year when OBJ is probably better than any 2023 UFA WR.
additionally, with a structure like this if they wanted they could convert ~9m of his base salary next year into actual signing bonus, which would lower his cap hit to 15.5m (or even lower if they choose to add void years).
so yeah it's a bit of a gamble to hope he can make an impact sight unseen post ACL surgery, but imo it seems like a worthy one. It's just cap space. and it proactively reduces the exposure of canceling out a comp pick by having to sign a UFA WR in March 2023.
the cowboys have a little more cap space than nyg right now (roughly 6m vs. 3m) but they project to have no free cap space currently in 2023. so it would probably a much longer deal (4 years?) with something like a 10m signing bonus now and a 10m gtd salary next year that also gets restructured right away in march. but that would essentially punt 15m down the road to 2024 when Lamb and Parsons are going to need extensions.