Giants Country

What Might a New Contract for Daniel Jones Look Like?

The Giants have made no secret about a desire to bring quarterback Daniel Jones back. So what kind of deal might he be looking at?

Patricia Traina

What Might a New Contract for Daniel Jones Look Like?
What Might a New Contract for Daniel Jones Look Like? /
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New York Giants quarterback Daniel Jones will probably never admit this publicly, but the team's decision to decline his option year unquestionably had to sting.

But rather than sulk about it or take any frustration he might have felt to the media, Jones did what he's done since arriving in New York in 2019: He shut his mouth and went to work.

Fast forward to the present, and the Giants, who understandably wanted to see if Jones would take to the offensive system implemented by head coach Brian Daboll and offensive coordinator Mike Kafka, have far more information on which to make a long-term decision regarding the quarterback than they did nearly a year ago.

Jones, in true franchise quarterback fashion, has a winning record (8-6-1) for the first time in his career despite having a shaky offensive line that has limited him somewhat regarding deep throws and a receiving corps that has racked up 26 drops, amounting to at least one drop in every game except for two earlier in the year.

He's also led this team to the postseason for the first time since 2016, along the way playing some gutsy ball where he's not only hung in the pocket (where by the way, he's developed a better feel) but where he's also shown no fear in taking on defenders when he has had to take off with the ball as a runner.

Just how good has Jones been? This season he's set new career highs in rushing yardage (617) but also in completion percentage (66.5 percent), passing yards (3,028), first downs (147), and quarterback rating (90.7) while still maintaining his lowest-ever interception total (5).

He's done all this, despite having been sacked 44 times, one fewer than his career high of 45 sacks set in 2020.

And if that's not enough to convince you of how far he's come, he currently has five of his career eight game-winning drives to his name, the five game-winning drives second in the NFL this season.

With this kind of play and given that the Giants will be drafting at No. 25, a new contract for Jones has become a top priority.

The question, though, is what might that contract look like? Let's hash it out.

Let's Be Honest

One major question that the Giants need to address--honestly at that--is if what Jones accomplished in 2022 was an outlier or a sign of things to come.

Jones not only made it through his first NFL season without missing any playing time due to injuries, but he also went on to post career-high numbers in completion percentage (67.2%), passing yards (3,205), and rushing yards (708) while also posting a career-low five interceptions.

The optimist says these accomplishments--done with arguably a subpar supporting cast--are a sign of what's to come and that with continued upgrades to the roster, things will get even better.

Jones improved in the basics--pocket movement, ball security, throwing accuracy, ball-handling, decision-making, situational awareness, and knowing when to take a sack and throw it away.

It also helps that Jones is going into his second season in the same offensive system and will have the same offensive coordinator (Mike Kafka) in his ear calling plays, a coordinator who, by the way, adapted the offense around what Jones does well.

Getting him better receivers and improving the pass-blocking figures to help Jones continue trending upward, which is why if you're the decision makers, there is probably a lot of optimism about the future.

What About the Franchise Tag?

While the franchise tag is an option if the two sides can't agree on a deal by the March 7 deadline, it's one the Giants probably don't want to have to use on Jones for the simple reason that it would potentially hamstring the team financially.

The franchise tag would cost the Giants approximately $32.445 million, which would also eat up a large chunk of the Giants' projected cap space ($47,863,739 total, $44,709,700 effective).

This is why it behooves both sides to get a deal done before the March 7 deadline to apply the tag. And in doing so, the Giants would then have the tag available on running back Saquon Barkley should they need to.

So About That Contract

Former NFL agent Joel Corry explored what a new contract for Jones might look like, noting that "the average salary for starting quarterbacks, excluding those on rookie contracts, is $32,036,681 per year according to NFLPA data. The number is $21,318,677 per year with the inclusion of starting quarterbacks on rookie contracts."

Based on this data, one might think that an average salary of at least $30 million could be a starting point. However, with a playoff win under his belt, a more realistic APY for Jones figures to be about $35 million per year.

To some, that might be too rich for a quarterback that has had only one good year and who some might think got lucky not to miss any time due to injury last year, given how hard Jones tends to play, especially as a runner where there were times when he led with his head.

If you're the Giants, you probably look to get a five-year deal in place (to spread out a signing bonus which projects to start at $20 million). You probably add in various incentives, both "Likely to be Earned" (e.g., 15 touchdowns, which he achieved in 2022) and Not Likely to Be Earned (e.g., a Pro Bowl berth and victories in the Conference Championship game and Super Bowl).

(For cap purposes, the "LTBE" incentives would count against the current year's cap, whereas the "NLTBE" incentives would count against the following year's cap. And if the incentives are not reached, the Giants would get a cap credit once the postseason accounting is done at the end of the year.)

It also might not be a bad idea to consider an out after three years in the five-year deal by providing a dual swinging door in which, if Jones continues to perform at a high level, you reward him financially. If his performance declines, you can bail out of the deal and only have to eat the final two prorated installments on the signing bonus.

A way to accomplish this is with an option bonus included in Year 4 of his deal. Like a signing bonus, an option bonus is prorated; unlike a signing bonus, its proration begins in the first year it's picked up. So if the option bonus is exercised in Year 4, the proration would spread over Years 4 and 5 of the contract, whereas the signing bonus's proration begins in Year 1 and maxes out after five years.

If they choose not to exercise the bonus for any reason, they could terminate the contract after three seasons and only be on the hook for the remaining prorated signing bonus.

Should the Giants Just Move On?

Despite all that Jones has accomplished, there are still a significant number of critics who won't be happy until he's an ex-Giant. These same people suggest the Giants sign a quarterback from among those who will likely be on the carousel once free agency begins in 2023, such as Derek Carr, Marcus Mariota of Atlanta, Sam Darnold of Carolina, Ryan Tannehill of Tennesse, and Carson Wentz of Washington.

Then some think the Giants should just go for broke in the draft and assemble an Eli Manning type of trade to move high enough in the draft order for a franchise quarterback, even though the Giants desperately need additional depth at multiple positions.

The other drawback to the draft? There are no guarantees that the prospects will be any better than Jones. 

What some critics overlook when it comes to Jones is that the Giants, in the first three seasons of his career, did Jones no favors with the revolving door of coaches and with the lack of a supporting cast, which top quarterbacks like Patrick Mahomes, Joe Burrow, Josh Allen, Jalen Hurts, and Justin Herbert had in their development.

Jones finally seems to have coaching stability, and he got by with the supporting cast that no one was going to confuse for a top-flight unit. That will change this off-season now that the Giants have a healthier cap situation and appear toward growing their nine-member draft class to 11 if they are awarded the projected two extra compensatory picks.

Jones has done his part to show he can be the answer moving forward. It's now up to the Giants to make sure that he's compensated accordingly and that he has the support system to continue his growth as the team looks to become an annual participant in the postseason. 

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Patricia Traina
PATRICIA TRAINA

Patricia Traina has covered the New York Giants for 30+ seasons, and her work has appeared in multiple media outlets, including The Athletic, Forbes, Bleacher Report, and the Sports Illustrated media group. As a credentialed New York Giants press corps member, Patricia has also covered five Super Bowls (three featuring the Giants), the annual NFL draft, and the NFL Scouting Combine. She is the author of The Big 50: The Men and Moments that Made the New York Giants. In addition to her work with New York Giants On SI, Patricia hosts the Locked On Giants podcast. Patricia is also a member of the Pro Football Writers of America and the Football Writers Association of America.

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