A golf club head having a deep undercut is disclosed and claimed. The club head includes a cavity in a back portion thereof, opposite the striking face. A recess is provided in the back portion of the club head in proximity of the heel and, optionally, the sole. The recess may extend to the hosel bore, and may be separate from the cavity. An insert, such as a dampening member, a weight member, or a combination thereof, may be positioned within the recess. The recess and any insert provided therein alter the club head moment of inertia and center of gravity location, providing an improved feel to the golf club.