Franchise tag appearing more and more likely as Giants talks with Daniel Jones reach 11th hour

The Giants and Daniel Jones appear to be on a collision course for the organization to have to use the franchise tag on Jones before Tuesday’s 4 p.m. deadline. There had been cautious optimism that a deal for QB would get done after general manager Joe Schoen said the two sides had started to close the gap.

However, it’s all but certain that the Giant would use the option if a deal isn’t reached in the next two days. NFL Network’s Tom Pelissero reported that to be the case on Sunday and Schoen had said as much himself last week when he addressed reporters in Indianapolis at the NFL Combine.

Even if the Giants use the franchise tag on Jones, they would still have the ability to negotiate a long-term deal with him all the way until July 17. That could happen, but the New York Post reported that the Giants may be willing to let Jones play out the 2023 season under the tag.

The two sides have been having ongoing talks last week during the combine with Schoen and Jones’ reps meeting in person on a number of occasions. No contract seemed in sight and the parties were expected to leave Indy without a new deal, Pelissero also reported.

The franchise tag is not the Giants’ preferred outcome to the situation, but it was one that amNewYork had written was the most likely if contract talks fell through. Schoen had called having to franchise tag Jones something that “I don’t think that’s best for the organization and I don’t believe it’s best for Daniel.”

The sticking point seems to be the money Jones is asking for from the Giants. He is coming off a career year and trying to cash in on leading the Giants to their first trip to the playoffs since 2016.

Jones has been asking for over $45 million in a new contract, according to multiple reports which included one from the Post stating he had initially asked for $47 million-$48 million per year. Some around the NFL expect the Giants and Jones to land on a four-year, $160 million deal when all is said and done, according to ESPN.

Jones’ contract has been the priority of New York’s front office, but whatever happens with his deal will have an impact on fellow free agent Saquon Barkley. The Giants’ back is also in need of a deal, but franchise tagging Jones would seriously put in jeopardy their ability to re-sign Barkley, who also had a “show-me year” for the Giants.

New York currently has $46.873 million in cap space, according to Over The Cap, which wouldn’t leave much room for a Barkley contact if the Giants tagged Jones. The Giants would then have to look toward free agency, which amNewYork examined if they couldn’t re-sign Barkley.