The Giants signed quarterback Daniel Jones to a four-year, $160 million extension back in March, but now the team is restructuring the starter’s salary to open up cap space.
With the restructure, $8.42 million of Jones’s contract will be turned into a signing bonus, per ESPN’s Field Yates. This opens up about $6.315 million in cap space.
Jones’s original cap hit was $21.8 million, but now it will be $15.4 million during the 2023 season.
This decision will likely give the Giants more freedom to explore potential outside signings during the season, which begins this weekend.
The starting quarterback had a standout season in 2022, which led to the team giving him the massive contract extension. The Giants played in their first playoff game since 2016, resulting in the team’s first playoff win since Super Bowl XLVI.
Jones posted career highs in completion percentage (67.2%), passing yards (3,205), passer rating (92.5) and rushing yards (708). He also totaled the fewest interceptions in a single season with just five.
The Giants begin their 2023 campaign on Sunday, Sept. 10 against the Cowboys on Sunday Night Football.
