Entering the third season of his rookie contract, Daniel Jones is facing a crucial season in terms of his NFL career. Let’s take a look at Jones’ contract, his impact on the New York Giants’ salary cap, and what decisions are looming in terms of Jones’ future.
Daniel Jones’ contract details and bonuses
Having been selected sixth overall in the 2019 NFL Draft, Jones signed a four-year contract worth a fully guaranteed $25.7 million. The four-year deal contained a $16.7 million signing bonus. Additionally, a total of $6.5 million in roster bonuses would spread across the final three seasons.
Furthermore, his contract contains a fifth-year team option. The Giants will have until the beginning of May 2022 to exercise that option. If they do, Jones would have a fifth year added to his contract. The salary of Jones’ fifth year is around $20 million. However, if he were to make the Pro Bowl as a first-ballot player in his third season, that could rise to $24-25 million.
Jones’ contract length is for at least two more years
Jones’ initial four-year contract has another two years left. If the Giants do not exercise the fifth-year option, Jones will be a free agent in 2023. Yet, if they do exercise the fifth-year option, he will not hit free agency until at least 2024.
What impact does Jones’ deal have on the Giants’ salary cap?
After counting just $4.7 million and $5.9 million against the Giants’ salary cap in his first two seasons, Jones will have a bigger impact in the third and fourth years of his deal. He will count just under $7.2 million against the Giants’ salary cap in 2021.
Jones’ $16.7 million signing bonus is prorated across the four years of his contract at $4.2 million. He also has a $2.2 million roster bonus due at the beginning of training camp. The final part of his salary cap number comes in the form of his $850,000 base salary. In 2022, Jones will count for $8.4 million against the G-men’s salary cap.
What choices do the Giants have to make with Jones’ contract?
In a mixed start to Jones’ career, he has endured some rollercoaster moments. In his first start after taking over for Eli Manning as the starting QB, Jones threw for 336 yards and scored 4 touchdowns as the Giants defeated the Buccaneers 32-31. Since then, there has been a wide variety of highs and lows, leaving Jones’ career with the Giants delicately poised entering the third year of his contract.
Can the Giants extend Jones’ contract?
The Giants cannot extend Jones’ contract until after his third season in 2021. No player can negotiate and sign a contract extension until after his third year in the league. The biggest question is what a contract extension could look like for Jones in terms of salary. If he has a strong third season, similar to what we saw from Josh Allen, he could be looking in the region of $40 million per year. However, if he has another up-and-down campaign, things may become tricky.
The bigger decision following the 2021 NFL season will be whether the Giants pick up the fifth-year option. If Jones has a poor outing in 2021, then the Giants may not be willing to sign up to pay Jones roughly $20 million in 2023. If he has another mixed season, the Giants can give themselves another two years at an average of around $14 million per year to take a further look at their former first-round selection.
What would be the salary cap cost of releasing Jones and his contract next offseason?
If Jones really struggles in 2021, New York may decide to move on from his contract in 2022. If that is the case, they will have to pay the remaining $4.2 million in prorated bonus, the $3.2 million roster bonus, and $965,000 in salary. In total, it would cost the Giants just under $8.4 million in dead money.