Source - Veteran safety Logan Ryan joining Tampa Bay Buccaneers after being released by New York Giants

Veteran safety Logan Ryan is rejoining his former Patriots teammate Tom Brady in Tampa Bay less than 24 hours after being released by the Giants, a source confirmed to ESPN's Jordan Ranaan.

The move gives Ryan a chance to join a contending team after two rough years with the Giants. Ryan was a team captain and, at times, the defensive play-caller.

Ryan, 31, was brought in as a favorite of former Giants coach Joe Judge, who worked with him previously in New England. Ryan was signed in the summer of 2020, and received a contract extension that was announced on Christmas Day later that year.

The New Jersey native and Rutgers product had 92 tackles in his first season with the Giants, second on the team behind Blake Martinez. He also added three forced fumbles.

The team's Walter Payton Man of the Year nominee finished with a career-high 117 tackles this past season. The only two games he missed with the Giants were because of COVID-19.

Ryan is still owed $5.5 million from the Giants for this season. He signed a three-year contract extension worth up to $30 million just 15 months ago. It included $11.5 million guaranteed.

Releasing Ryan saved the Giants a little less than $800,000 against the salary cap, a source said. It's believed the release of the former team captain has more to do with the Giants being in the midst of a defensive reset than with cap space.

The Giants have a new regime led by general manager Joe Schoen. Coach Brian Daboll hired former Baltimore Ravens coordinator Wink Martindale to run the defense.

The news of Ryan joining the Buccaneers was first reported by the NFL Network.