The New York Giants and quarterback Daniel Jones agreed to a contract extension on Tuesday afternoon, getting the deal done right before the 4:00 p.m. franchise tag deadline struck.
The deal is for four years and $160 million. NBC Sports Edge is also reporting the deal contains $35 million in incentives and multiple NFL insiders are reporting that $82 million of the $160 million is guaranteed over the first two years.
In total, the deal could be worth up to $195 million total.
Ian Rapoport is reporting the 2023 cap number on the deal is only $19 million.
Details on the #Giants deal for QB Daniel Jones:
— 4 years
— $160M
— $35M more in incentives
— $82M over the first two years
— $94M virtually guaranteed at signing.
— First-year cap number around $19M.— Ian Rapoport (@RapSheet) March 7, 2023
From NBC Sports Edge:
The deal reportedly has $35 million in incentives. Even though this has been the likely outcome for some time, it’s pretty remarkable that Jones managed to parlay his first year under Brian Daboll into this contract after the Giants declined his fifth-year option last offseason. Jones had the best season of his career under Daboll, cutting his interception rate sharply and rushing for seven touchdowns. The rushing upside will keep him relevant as a fantasy football low-end QB1. It remains to be seen just how this contract will actually break down, but it likely will amount to a two-year deal with an out afterwards.
The Jones deal led to the Giants slapping the franchise tag on running back Saquon Barkley, which is valued at $10.09 million. Combined with the Jones deal, that adds up to approximately $29 million against the cap, leaving the Giants $19 million in available cap space (after adjustments) left to do business as free agency and the draft approach.
Add in the $7 million or so cap space the Giants will realize upon cutting wide receiver Kenny Golladay next week, and the available cap space will jump to over $27 million with the Jones and Barkley already done and dusted.
That’s an outcome even the most ardent Jones detractors can’t knock.
