The Giants have a pair of recent 2nd round picks at defensive tackle (Linval Joseph 2010, Marvin Austin 2011), but the latter has had a ton of trouble staying healthy in his career, not playing a snap in 2011 and playing just 109 last season. After cutting veteran Chris Canty, they were left with very little depth behind him and Jenkins will provide that depth and insurance.
This move doesn’t preclude the Giants from spending another early pick on a defensive tackle, because they love defensive linemen, they stay strict to their board, they love rotation, and Jenkins just turned 32, but this is a more than reasonable deal for him. 3 years, 8 million with just 3 million guaranteed (2 million dollars signing bonus and 1 million dollars first year base salary) is very reasonable for a player who graded out above average on 642 snaps last season in Philadelphia. He is still a great interior pass rusher, though he gets washed against the run far too often. He’s cheaper and is less of an injury risk than Canty would have been, though Canty is younger and better, when healthy. Still, however, it’s a very solid move.