The New York Giants’ major offseason saga is over. With just minutes to go until the franchise tag deadline ended, Daniel Jones has signed on the dotted line, committing to Big Blue for four years and $160 million.
The contract will give Jones an upside of $35 million per year with incentives, similar to the $37.5 million per year Derek Carr received from the New Orleans Saints and the $35 million per year that Geno Smith received from the Seattle Seahawks.
Tom Pelissero reported shortly after the deal was done that the contract is structured in a way that pays Jones $82 million over his first two seasons. By structuring the deal that way, general manager Joe Schoen likely gives the Giants the ability to opt out of the contract after those two years should they choose to, preventing them from being locked into an expensive long-term contract if Jones doesn’t develop as they would like. It’s a move that his former boss Brandon Beane used to use regularly with the Buffalo Bills.
The first year of Jones’ deal will provide a cap hit of just $19 million for the Giants, as first reported by ESPN’s Jeremy Fowler, which should allow Schoen to address other pressing needs for the organization via free agency.
“We had productive conversations with Daniel and his representatives over the course of the past week or so,” general manager Joe Schoen said in a statement after the deal was official. “We are all pleased that we were able to come to an agreement prior to today’s deadline. This gives us a greater ability to continue to build our roster.”
The former Duke Blue Devil took a major step forward this season, his first under head coach Brian Daboll, passing for a career-high 3,205 yards on a 67.2% completion rate with 15 touchdowns and just five interceptions. He also added 708 yards and seven touchdowns on the ground and looked like a clear building block for the new regime in New York.
From the moment the season ended, the Giants were clear that they wanted Jones under center next season.
Yet, despite the desire to have Jones back, there were many times that it looked like the team and its 25-year-old quarterback were headed for a divorce.
Earlier in February, the quarterback changed his agents in the middle of contract discussions and it was almost immediately reported that Jones was asking for as much as $45 Million per year in a new contract, according to Mike Florio.
At the NFL Combine, Schoen told reporters that the team was “cautiously optimistic” about getting deals done for both Jones and Barkley but that the Giants would tag Daniel Jones if they couldn’t get a deal done by March 7 at 4 p.m. ET.
Reports continued to surface that Jones had been asking for over $45 million and it seemed like the Giants would be forced to franchise tag their quarterback prior to the Tuesday deadline.
However, there was renewed optimism as of Monday morning when Jones and his team left the NFL Combine in Indianapolis and scheduled a meeting to meet with the Giants’ brass in New Jersey. With Schoen openly discussing applying the franchise tag, the team had leverage with Jones likely not wanting to play out a year without any long-term security.
“I said after the season I love this place,” Jones said. “I’ve really enjoyed my time here and I want to be here. I have great respect for this organization, the Maras, the Tisches, my coaches and teammates. I am happy we were able to come to an agreement.”
In the end, the signal caller signed on the dotted line for a contract that could make him the 10th highest-paid quarterback in the NFL, just ahead of Minnesota Vikings quarterback Kirk Cousins, depending on the final details.
With Jones under contract, the Giants were able to turn their attention to bringing back All-Pro running back Saquon Barkley. Since they didn’t have to use the franchise tag on Daniel Jones, the team will now use that option with Barkley, ensuring that they can bring back the core of a team that advanced to the NFC Divisional Round of the playoffs.
Even if it’s just for one more season.
