In need of financial wiggle room to start the season, the Giants have created some by re-working their franchise quarterback’s pact. Daniel Jones has agreed to a restructure which sees $8.42M of his 2023 salary converted into a signing bonus, per ESPN’s Field Yates.
As a result of the move, Jones’ cap hit for this season has dropped from $21.8M to $15.4M. That will give the Giants some much-needed breathing room, as they entered Monday 29th in the league in cap space. On the other hand, it increases the burden of the 26-year-old’s deal in future years, with his cap hits for the next three years ballooning to $47.1M, $41.6M and $58.6M.
New York made a massive investment in Jones just before the deadline to apply franchise tags, inking him to a four-year, $160M deal. That paved the way for a Saquon Barkley franchise tag and gave the team cost certainty under center for the foreseeable future. With up to $22M available in cap savings next year via another restructure, though, Dan Duggan of The Athletic notes that further adjustments to the Duke alum’s contract down the road should be expected.
Jones faces substantial expectations going into 2023, his second season under reigning Coach of the Year Brian Daboll. The former No. 6 pick put up new career highs in a number of categories last year, and with a new pass-catching corps led by Pro Bowl tight end Darren Waller in place, further progression would help justify his contract. It would also make subsequent restructures easier to authorize in light of the other financial priorities the Giants have to address in the near future.
Barkley, along with defensive tackle Leonard Williams, cornerback Adoree’ Jackson and safety Xavier McKinney are among the players set to hit free agency at the end of the 2023 campaign, and important decisions will need to be made with respect to the price point the team is willing to set to retain each of them. Jones will be in the fold for years to come, though, especially given the financial downside the Giants would face if they were to attempt to move on from him in the near future.
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