Franchise tag is a possibility for Daniel Jones following agent change

The issue with franchise-tagging Jones is that he would carry a $32.4 million cap hit next season, and the Giants have an estimated $43.3 million in cap space. The Giants can create additional cap space once they make some cuts, but they're probably better off spreading Jones' salary over the long term as the team is still rebuilding. 

It seemed inevitable that Jones was going to demand a lucrative contract if he performed well this season after New York declined his fifth-year option last offseason, which he accomplished.

Jones, the No. 6 overall pick in 2019, had a career-high in passing yards (3,205) and rushing yards (708) and a career-low in interceptions (five) this season. He was sixth in QBR (60.8), and his 1.1% interception percentage was the best by any QB in the league. 

If he plays under the franchise tag and makes greater strides in 2023, he'll ask for more than the $45 million he's already requesting next offseason.

Giants GM Joe Schoen had a positive outlook on a Jones extension when the season ended. As he put it, the goal for the offseason and the organization's future is "to build a team around him [Jones] where he can lead us and win a Super Bowl."

Likewise, Jones sounded somewhat optimistic, saying he'd "love to be back" with the Giants, but it may not come at a discount, adding, "there's a business side of it too."

A $35 million annual salary would place Jones 10th among QB salaries, and that's before both Cincinnati's Joe Burrow, and Philadelphia's Jalen Hurts sign their rumored extensions. There's no doubt that the two will command higher salaries than Jones, so he'd be the 12th highest-paid QB in the NFL at that price, a reasonable ranking.

Despite the agent change, it's tough to envision the Giants letting Jones depart this offseason, especially with few quality alternatives available to replace him, at least in the short term. Schoen must move swiftly on a Jones deal to focus on the more challenging task of negotiating an extension for Pro Bowl RB Saquon Barkley.