On Friday (Nov. 22), the New York Giants released quarterback Daniel Jones, ending his disappointing tenure with the team. Jones was drafted No. 6 overall in the 2019 NFL Draft, and he signed a monster contract back in 2023, which is widely regarded as one of the NFL’s worst deals. Jones’ contract helps explain why he was benched and released, so let’s examine his deal, how much he earned in 2024, and more.
Daniel Jones’ Contract Details
In March 2023, leading up to the franchise tag deadline, Jones signed a lucrative extension to remain with the Giants.
Jones signed a four-year, $160 million deal, receiving $81 million in fully guaranteed money, including his signing bonus and 2023 and 2024 base salaries. The deal also features $35 million in additional incentives.
The Giants’ decision to give Jones this lucrative payday looked like a mistake at the time, and it continues to hinder the franchise. Jones missed most of the 2023 season with various injuries (including a torn ACL), and he struggled when he did play.
So, how did Jones end up landing this contract?
Early in his NFL career, Jones didn’t live up to the lofty expectations that come with being a top-10 pick. New York decided not to pick up Jones’ fifth-year option in 2022, opting instead to let him play on a prove-it year.
Well, Jones responded by having a career year in 2022, throwing for 3,205 yards, 15 touchdowns, and five interceptions on a 67.2% completion percentage. He also rushed for 708 yards and seven touchdowns. He led the Giants to a playoff win and a spot in the NFC Divisional Round, so New York rewarded him with a huge payday.
Now, Jones’ time with the Giants is over. The team kicked the tires on the quarterbacks in the 2024 NFL Draft and reportedly tried trading up for one, but they ultimately selected Malik Nabers with the No. 6 overall pick. The team recently benched Jones for Tommy DeVito, and now the 27-year-old will try to find a new home.
The #Giants release of QB Daniel Jones leaves behind dead cap hits of:
2024: $47.1M
2025: $22.2MNYG frees up $19.4M of cap for the 2025 season.
— Spotrac (@spotrac) November 22, 2024
The Giants will take on a dead cap hit of $47.1 million in 2024 and $22.2 million in 2025. By doing this move now, New York frees up $19.4 million of cap room for the 2025 season.
If you looked at the details in Jones’ contract, it’s not too surprising that he was benched and released.
Jones’ Contract Contributed to His Benching and Release
It’s worth noting that Jones’ contract is likely a big reason why he was benched and ultimately released, as $23 million of his $30 million base salary in 2025 was guaranteed for injury. That means if Jones suffered a severe injury at some point this season and could not pass a physical next spring, the Giants would owe him that money.
The Denver Broncos faced a similar situation with Russell Wilson in 2023. Wilson’s 2025 base salary ($37 million) would have become guaranteed on the fifth day of the 2024 league year. If Wilson got hurt in the final two games of the season and could not pass a physical the following March, the Broncos would’ve been on the hook for that $37 million. Benching him toward the end of the campaign removed that possibility.
Sean Payton waited until Denver was essentially eliminated from playoff contention before turning things over to backup quarterback Jarrett Stidham, and then Wilson was released after the season. With the Giants out of the playoff race, Giants GM Joe Schoen and head coach Brian Daboll decided to bench Jones coming out of their Week 11 bye, and now they have released the former No. 6 overall pick.
Coach Daboll: We are making a quarterback switch from Daniel Jones to Tommy DeVito. After evaluating and watching a lot of tape, that's the reason we are going with Tommy. Drew Lock will be the backup. This was a necessary move for us and I'm looking forward to working with Tommy… pic.twitter.com/OTPmSCIq0P
— New York Giants (@Giants) November 18, 2024
To be clear, Jones’ struggles certainly made the decision easier. While Jones had a few decent games in the first half of the season, he mostly looked like a backup-level QB this year. He completed 63.3% of his passes for 2,070 yards and eight TDs while throwing seven interceptions and rushing for 265 yards and two scores.
Entering Week 12, Jones graded 31st in Pro Football Network’s QB+ metric with a D (64.7). That’s the fourth-worst season grade of his career, just ahead of his D- in 2021. Moreover, he’s not responsible for any of the top 50 single-game QB+ metric grades this season; Jones’ top grade (C+ in Week) ranks 90th.
Also, Jones ranks 30th in EPA (expected points added) per dropback and 31st in EPA per dropback when under pressure, per TruMedia. New York’s offense has been one of the worst in the NFL, ranking 30th in PFN’s Offense+ metric with a D- (62.3).
What Is Jones’ Salary?
Jones’ base salary is just north of $35.5 million, with a $9 million signing bonus, according to Spotrac. His cap hit for this season is a whopping $47,855,000.
Jones has the second-highest cap hit and second-highest base salary of any player in the NFL, trailing only Arizona Cardinals quarterback Kyler Murray (who has a $49,118,117 cap hit and $37 million base salary).