Giants run a significant risk by not tagging Xavier McKinney before NFL free agency.

In negotiations for safety Xavier McKinney’s contract, the Giants gave up their main bargaining chip.

The Giants decided on Tuesday not to use the one-year, $13.8 million tender as a placeholder for McKinney, giving up the option to match any contract offer he signs with another team once free agency begins next week.

During the next six days of an exclusive-rights window, the team and agent David Mulugheta will continue to negotiate, and a source told Paul Schwartz of The Post that there is “still a chance he’s back.”

It can be interpreted by both parties as a sign of good faith that a deal could still be able to be worked out if the Giants choose not to apply the transition tag on McKinney.

Though McKinney has nothing to lose by holding out until Monday to see what other teams have to offer, it seems unlikely that the Giants will be able to keep him off the free market. Furthermore, he is not required to return with his best offer to the Giants.

Contrary to the franchise tag, the infrequently used transition tag does not come with a draft selection compensation, but in actuality, it may have reduced McKinney’s demand as other bidders may not have been willing to handle the dirty work of the Giants’ negotiations on their behalf.

In addition, a new team would have been in limbo until their Plan B choices were available during the Giants’ five-day window to match an offer.

The general consensus inside the NFL was that McKinney’s self-value and the Giants’ appraisal would differ significantly, creating the perfect situation for the transition tag.

As part of Tuesday’s narrowing of the safety market, the Buccaneers franchise tagged fellow Mulugheta client Antoine Winfield, while the Patriots transition tagged Kyle Dugger.

Mulugheta signed safety Landon Collins from the Giants to a record-breaking contract in 2019. Since then, according to spotrac.com, he has negotiated three of the eight largest contracts now held by safeties, with annual salaries ranging from $14.7 million to $19.1 million.

Giants risk losing a homegrown, two-time captain who was 24 years old and played every defensive action in the previous season? This is an odd practice, especially considering that versatile safeties are a key component of new defensive coordinator Shane Bowen’s scheme.

Particularly considering that general manager Joe Schoen re-signed defensive tackle Dexter Lawrence and left tackle Andrew Thomas throughout the summer, there aren’t any other clear prospects for multiyear deals on the horizon.

With aspirations to be inducted into the Hall of Fame, McKinney considers himself to be among the game’s greatest safeties, given the top five all earn at least $16 million annually.

Despite playing a hybrid safety role for the Giants for four seasons and recording nine interceptions in 49 games, he has not made it to the Pro Bowl, so he may be wanting to join a contender in order to enhance his chances of being recognized.

After McKinney was hurt in an ATV accident and missed eight games in the 2022 season, the Giants paid his pay.

If McKinney is unable to make a comeback, the Giants are rumored to be interested in signing a free agent from an NFC East competitor, either Kevin Byard (who was coached by Bowen when playing with the Titans before being moved to the Eagles) or Kamren Curl (a starter for the Commanders for four seasons).