Minutes before the franchise tag deadline, the Giants have reached an agreement on a Daniel Jones extension. The sides have a deal in place, Ryan Dunleavy of the New York Post reports (on Twitter).
This should allow the team to use its franchise tag on Saquon Barkley, and NFL.com’s Mike Garafolo notes that will happen (Twitter link). Jones agreed to a four-year, $160MM extension, Garafolo and NFL.com’s Ian Rapoport report. The sides are finalizing the deal, which Rapoport notes can increase by $35MM via incentives (Twitter link).
The Giants had until 3pm CT today to avoid a situation in which Jones was tagged — the team’s plan absent an extension — and Barkley headed toward the open market. Now, the Giants will have both players back in 2023. Barkley’s tag is worth $10.1MM, and he joins Josh Jacobs and Tony Pollard among running backs tagged this year. Jones’ extension will make that number easier for the Giants to fit onto their cap. Tagging Jones would have placed a $32.4MM cap hold on New York’s payroll.
Jones had the Giants up against a deadline that could have meant losing Barkley, pointing to the former first-round pick doing well on the guarantee front. The 25-year-old quarterback will collect $82MM over the deal’s first two years, Tom Pelissero of NFL.com tweets, with SI.com’s Albert Breer noting this does cover Jones’ guarantees (Twitter link). Four years had been the expectation here, Jeremy Fowler of ESPN.com adds (on Twitter). The Giants are essentially making a two-year bet on Jones ascending.
This represents a staggering financial leap for Jones, who piloted the Giants to the playoffs despite the team’s receiver blueprint changing for the worse early in the season. Jones displayed his best work in terms of efficiency, leading the NFL in interception percentage, and used his legs far more than he had over his first three seasons (810 rushing yards between the regular season and playoffs). Still, the Giants greenlighting a $40MM-per-year extension — the deal’s structure matches Dak Prescott and Matthew Stafford‘s accords — for a QB who threw 15 touchdown passes in his contract year is certainly a notable development in recent transaction history.
Prescott and Stafford agreed to their respective four-year, $160MM extensions on lower salary caps; the cap ballooning past $224MM aided Jones and the Giants. Jones, Prescott and Stafford are all tied for seventh in terms of QB AAV. Though, the money coming for Joe Burrow, Justin Herbert and Jalen Hurts — and possibly Lamar Jackson, as that saga is heating up in Year 3 — stands to bump the NFC trio down a bit this offseason. For now, however, Jones has secured top-10 quarterback money less than a year after the Giants passed on a $22.4MM fifth-year option.
The Giants entered their extension talks with Jones hoping the price would not hit $35MM per year, but the tag deadline worked in Jones’ favor. As Jones hired new representation, the $45MM-AAV number emerged. That figure floated for multiple weeks, with a report late last week indicating Eli Manning‘s successor was asking for a deal north of that number. The Giants negotiated with Jones’ camp daily at the Combine, and the sides agreed on what could be a nice compromise. Jones will have a chance to work in Brian Daboll‘s offense for the long haul, and the team is expected to pursue receiver upgrades to help its passer.
A neck injury ended Jones’ 2021 season after 11 games. Although the Duke product’s 24 touchdown passes as a rookie — in just 13 games — remain a top-10 all-time mark for first-year passers, he did not show much in the way of development during the 2020 and ’21 seasons. In 14 starts in 2020, Jones threw just 11 TD passes. Considering the 2020 CBA made fifth-year options fully guaranteed, the Giants predictably passed on Jones’. But the dual-threat QB showed long-elusive progress in his contract year. The Giants are making a bet superior weaponry will further unlock the Dave Gettleman-era draftee’s capabilities.
As for Barkley, it will be interesting to see how he responds. The former No. 2 overall pick congratulated Jones on his extension (Twitter link), but he is now attached to a $10.1MM salary after turning down an extension in the $12.5MM-per-year range. The guarantees included in the Giants’ proposal are not known, but it has long been assumed GM Joe Schoen is not expected to offer Barkley a deal in the Christian McCaffrey neighborhood ($16MM AAV). That will create another notable deadline for the Giants, who have until July 17 to extend Barkley. Otherwise, the sides cannot discuss a deal until 2024. A compromise of $14MM per year emerged weeks ago, but the Giants and Barkley are still not believed to be close.
Barkley, 26, is obviously a superior NFL player to Jones. Positional value led the Giants to understandably prioritize the less accomplished player. Barkley’s hot start to the 2022 season — one that ended with the Penn State product totaling 1,650 scrimmage yards and 10 touchdowns, completing a comeback from an injury-plagued three seasons — earned him an early negotiation slot with Schoen. Like Jones, the new regime was not completely sold on Barkley coming into the year. Trade buzz circulated early during the 2022 offseason, but both Gettleman-era investments earned the new regime’s trust.
The Giants negotiated with Barkley, and not Jones, during their bye week last season. They did not come close on terms, and although Barkley talks resumed before Jones’ negotiations began this offseason, no compromise is imminent. Fortunately, the team had the tag at its disposal to ensure its cornerstone tandem returned. Considering only one player has skipped the season after being tagged since 1998 (Le’Veon Bell, 2018), it is a good bet Barkley will be in uniform for the Giants in 2023.
The Giants entered Tuesday with more than $36MM in cap space. Today’s transactions will eat into that total considerably, with Fowler adding (via Twitter) Jones’ 2023 cap number should come in around $19MM. But the team’s plan to pursue wideouts and potentially bring back Julian Love should not be entirely nixed because of this afternoon’s high-profile transactions.
54 comments on “Giants, Daniel Jones Agree To Deal; Team To Use Franchise Tag On Saquon Barkley”
YES BABY!!! Now we need to get Danny Dimes some receivers!!!!
with what money?
They’re supposedly restructuring Leonard Williams at some point, but yeah, not a lot of money left for them.
Look up how the salary cap works and get back to me.
What a waste of resources, I guess he wasn’t crazy to ask after all. The Giants are crazy and it’s just a question of how soon they regret it.
we had 50$ mill in cap room I think they just spent $50 not much money left
Sorry sir you are wrong
no money left 40 for jones 10 for Saquon
One good season and he has a nickname? Did he run out of change in the Philly playoff game?
they’ve called him Danny Dimes since his like 3rd game in rookie season
Lamar Jackson’s gotta look at this and reconsider hiring an agent–specifically Daniel Jones’ agent.
If after Justin Fields 5th year the Bears have played in 1 Playoff game and they give him 40 million a year I’ll be howling then also.
Postscript to myself, Unless the salary cap has jumped to 300 million.
160 mil is great but the key thing is how much is guaranteed. That’s what everyone is after
Presuming even a quarter of it is guaranteed, why wouldn’t they just use the non-exclusive franchise tag on him? If someone wants to pay 2 first round picks to lock up Jones at big money, thank them for doing business with you. If no one does (no one would), you only have to commit one year at $32 million to see if he can keep growing as a player.
If they wanted to lock him up so that they could use the franchise tag on Barkley when it’s a huge buyers’ market for running backs this offseason, that’s silly.
Oooof, I agree, the Giants just got caught trying to time the market.
Agree that the franchise on Barkley is silly.
I think Jones was a huge overpay and over reaction.
This is not an ideal situation for the Giants.
My point on Jones was merely to say if it’s all paid in the first 2 years then they could cut bait after that.
For sure. And while I wouldn’t want to hitch all my hopes to the Jones wagon, I also think people on here have been way too down on him. He improved a lot under his first good coach, and he’s still very young. It’s possible he justifies this. He’s only a year older than Kenny Pickett and two years older than WIll Levis.
$40M is a joke
Makes the Dolphins decision on Tua’s fifth year option that much easier. If Jones can get $40 million per year, $22 million for Tua’s fifth year seems like a steal, injuries or not.
it pays to me mediocre or less. just ask cousins and carr
Crazy how a mediocre/average starter gets 35/40mil a season at QB but bench QBs that aren’t that far off talent wise get like 10mil or so and that’s what the best paid RBs get.
Daniel Jones has what 4 mediocre seasons and 1 decent one and get paid 3 times as much as the best RB. Yet he’s needs one of the best RBs and a a good WR group. Yes it’s a throwing league an all but I I feel like paying mid QBs good money is not a pathway to success. Better off getting someone cheap in and investing in good players around him (similar to Jimmy G) or getting in a younger QB once again (similar to Jalen Hurts taking over from Wentz).
By having Jimmy G the Niners could afford to have one of the best defences for years, and guys like Trent Williams, George Kittle etc on offence too. And for the Eagles, by going off Wentz for a cheaper, better player in Hurts they could afford to pay for AJ Brown and their defence.
Giants cause they paid a mid QB top money can’t afford good enough players around him and won’t go far ….
“Daniel Jones has what 4 mediocre seasons and 1 decent one”
More like two of each, imo, though I’d go so far as to say his year two and year three seasons were subpar. I thought he had a really good rookie season, especially since he was a rookie. But he took a step back the next two years (which you can blame at least partially on Joe Judge being completely incompetent).
I agree with everything else, though. Bit of an overpay for Jones, both in dollars and years.
Yeah probably a little harsh overall he was alright as a rookie and he’s Judge must be partly to blame but glad you see the rest of what I’m saying
His nickname now makes sense as he is worth dimes compared to the dollars he was just paid.
While they are at it, might as well give Barkley a 4 year $70m contract to match the insanity.
Unless there is very little guarantee and the incentives he needs to reach for the other $35M are elite QB type of numbers, this is an AWFUL deal that just hamstrung the Giants for the next 4 years.
Carr – 3522 yards, 24/14 in 15 games last year on an awful Raiders team…signed for much less
Geno Smith – 4282 yards, 30/11 in 17 games…69.8 CPct…signed for less
Jones (only 3200 yards and 15 TD) didn’t make any turnovers last year because Daboll’s superior game planning played into a very conservative passing offense that leaned HEAVILY on Barkley. He’s one knee injury away from having Scott Mitchell rushing numbers – that is the biggest overrated thing people get excited about is “rushing QB” because no rushing QB can win on their own (ask Mike Vick) without a superior team around them and a great running game like Mahomes has. This deal ensures the Giants won’t be able to adequately build a supporting cast and just put a ceiling on the upswing the Giants were on….now they are following in the Packers’ recent footsteps and that got the Packers nowhere.
Huge mistake. Jones needs to put up 4000 yards and 30 TD a year to earn this one.
40MM is a lot but look at what Carr and Smith got.
Jones has played basically with no support his entire career. His number of catchable dropped pass for his career has to be a record.lol
Last season Isaiah Hodgins was one of his top receivers lol
Let people lol now. I think with some weapons Jones will prove them wrong
Barkley and Richie James were the Giants’ leading receivers last term. Hodgins was an instant star once he was claimed off waivers from Buffalo. Add in Bellinger and old pro Slayton and it’s a good set of pass-catchers any NFL team would want.
“it’s a good set of pass-catchers any NFL team would want.”
Laughable. It was one of the worst WR corps in the league, perhaps *the* worst. James was the preseason #6 on the depth chart and Hodgins was a waiver claim (“instant star” is also a massive overstatement). Bellinger was a 4th round rookie who missed nearly 5 games with a gruesome eye injury. Barkley’s a great receiver, I’ll give you that.
Toney – traded
Shepard – injured
Robinson – injured
Golladay – Golladay
Slayton – 7 drops in 71 targets (drops nearly one out of every 10 passes thrown his way)
Please get a clue.
Toney was a diva. Shepard (ruptured Achilles, Week 3) last man left from the Boat Trip. Golladay is already gone.
Forgot about Wan’Dale Robinson (torn ACL, Week 11) — he was a rookie as was Bellinger.
I can’t stop laughing out loud like Sean Connery in the SNL Jeopardy sketch.
You can bet the tag means limited exposure until opening day.
Wow what a terrible contract!
$40m a year to be bad at your job? Wish I had that offer back in the day.
He was barely above average fecal matter prior seasons when he had middling WRs
He was “good” last season without WRs and was forced to run & lean on Saquon.
Any happy happy joy joy spin on this contract is blind faith based on postulations pulled from a unicorn’s rectum
Someone wanna tell me why he deserves this contract? He had his best year last year but coming into the year there was talk about moving on from him. So one good year is deserving of this? I think no.
It’s the While Male Sports Media and the New York tabloids creaming in their pants over Jones. Especially Mike Lupica, a starf@#ker who can’t identify any player other than a quarterback.
He finally had a coach who put in an offensive system that works for his skillet. You don’t bring back Jones, bring in Andy Dalton, Mitch Trubisky,.Carson Wentz or Baker Mayfield and see if you smell the playoffs.. Giants paid Jones what the QB market is. This contract won’t look as inflated once you see the contracts Lamar, Hurts, Burrow, and Herbert sign…
Good Luck with old Danny Big Blue … I just don’t see it !
The Giants were bidding against themselves, just like the Cowboys always do. Hopefully the deal has an out in 2024.
Wow is Gutterman back to running the Giants. I don’t think Cheapwell in Arizona would be this stupid. Wait maybe
Well, something good happened today for us Cowboys fans!
Until Jerry unveils that Pollard contract!
– Signed The rest of the NFC East
So many of us wish we were just a mediocre NFL QB. No other position can you be mediocre to unplayable at times and make that much money.
Honestly I don’t see Daniel Jones being better than the average backup NFL QB. He had 15 TD last season for his career year? Giants should have let him walk.
Cowboys Giants next year will be dope. The battle of Dak and Dak Vanilla.
I don’t understand how Jones can get paid $40M, but $40M was too much for Carr.