With Daniel Jones struggling in his second season since his massive contract extension, the New York Giants find themselves at a crossroads. The franchise had hoped for a different story when they signed Jones to a $160 million, four-year extension following his electrifying playoff performance in 2022.
However, with just 13 games played under his new deal and a dismal 3-10 record in those outings, it’s hard to ignore the signs. His declining stats, capped by a recent benching in Week 7, raise the inevitable question: can the Giants afford to keep him, or should they move on?
The Highs And Lows Of Daniel Jones’ $160 Million Contract
Jones’ extension came with high expectations and a hefty price tag. With a contract valued at $160 million over four years and an average annual salary (AAV) of $40 million, Jones’ deal ranks as the 15th highest-paid by total value and AAV among NFL quarterbacks. The Giants showed faith in Jones’ potential, guaranteeing $82 million of his contract, putting him 17th in the league for guaranteed money. The numbers initially seemed reasonable for a young quarterback who led the Giants to their first playoff win since their Super Bowl XLVI victory.
However, since signing the contract, Jones’ performance has faltered. His average passer rating over the last two seasons has been just 76.6, consistently placing him among the league’s bottom six. Combined with his troubling 40.4% passing success rate, his production is far from the franchise-level play expected at his price point.
Also Read: Giants Star WR Malik Nabers Throws QB Daniel Jones Under The Bus With Some Savage Comments
2024: A Costly Year For The Giants
The 2024 season has been financially challenging for the Giants regarding Jones’ contract. Per OverTheCap, his cap hit this year is a staggering $47.86 million, making him the second-largest cap hit in the league behind Kyler Murray. Breaking down this season’s costs:
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- Total salary cap hit: $47.86 million
- Base salary: $35.5 million
- Prorated signing bonus: $11.11 million
- Workout and other incentives: $1.25 million
Unfortunately, Jones’ performance hasn’t matched these figures. With the Giants standing at 2-5 after seven starts from him this season and his completion rate at just 62.5%, it’s becoming harder to justify his substantial impact on the team’s payroll.
Can The Giants Cut Ties With Jones?
With two more years left on his deal, the Giants do have potential outs built into the contract after 2024 and 2025, albeit with some financial repercussions. Here’s a breakdown of what cutting or trading Jones would mean for New York:
If cut or traded in 2024:
- Before June 1: $22.2 million dead money, $19.4 million cap savings
- After June 1: $11.1 million dead money, $30.5 million cap savings
If cut or traded in 2025:
- Before or after June 1: $11.1 million dead money, $47.5 million cap savings
Considering these options, deciding on Jones post-June 1 in either 2024 or 2025 appears most financially favorable. These scenarios allow the Giants to recoup a significant portion of the cap, even if they’ll still be responsible for some dead money.
Declining Stats And Performance Concerns
Since signing his new contract, Jones has faced injury issues, starting only 13 games and posting a troubling 3-10 record. His efficiency has also taken a dive; this season, he’s completed 150 of 240 pass attempts (62.5%, his second-worst season rate), amounting to 1,442 yards, six touchdowns, and four interceptions. His struggles have been most evident under the prime-time lights, where he has faltered and failed to deliver wins for the Giants.
This underwhelming performance culminated in Week 7 of the 2024 season when Jones was benched early in the fourth quarter against the Philadelphia Eagles. It was a moment that signaled the Giants’ patience might be wearing thin, and whispers around the league suggest the team could be eyeing other options.
What’s Next For The Giants And Daniel Jones?
With the Giants falling short of expectations, the future of their quarterback is shrouded in uncertainty. New York can’t ignore the financial benefits of moving on from Jones if his current performance continues. They could choose to cut or trade him post-June 1, 2024, to maximize cap savings or decide on a more definitive exit in 2025. Whatever decision they make, Jones’ potential to improve will need to be balanced with the realities of his current contract and production levels.
One thing’s for certain: if Jones wants to solidify his role as the Giants’ franchise quarterback, the time to turn it around is now. Otherwise, he may find himself looking for a new home as the Giants look to reset their future.
