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Daniel Jones avoids franchise tag and lands massive $160 extension from New York Giants

New York Giants quarterback Daniel Jones avoided getting hit with a franchise tag Tuesday after agreeing to terms on a sought-after multi-year contract extension with the New York Giants.

The Giants and Jones entered the day with a notable divide on the terms of a potential contract extension. The four-year veteran and his representatives had a good bit of leverage in the negotiations after the quarterback had a career year in 2022. Helping the New York Giants reach the playoffs and win a Wild Card Round matchup against the Minnesota Vikings.

Related: 7 players New York Giants could and should target in 2023 NFL free agency

It is why the 25-year-old reportedly had an asking price that surpassed $40 million annually. However, his strong showing this past season followed three very inconsistent and injury-filled years. It’s why the organization was unwilling to meet that asking price and rumblings out of New York claimed the team was looking to pay Daniel Jones a yearly rate somewhere between $32 and $39 million.

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With the 4 PM ET franchise tag deadline looming, and following some heated discussions on Monday night, the two sides reportedly finally found common ground right before the deadline. NFL Network league insider was the first to report the details of the contract extension and it places Jones among the highest-paid signal-callers in the NFL.

“It’s going to be a 4-year deal worth $160M, sources say, with $35M more in upside. They are finalizing.”

– Ian Rapoport

Under these terms that would give Jones an annual pay rate of $40 million, only six other quarterbacks in the league (Aaron Rodgers, Russell Wilson, Kyler Murray, DeShaun Watson, Patrick Mahomes, Josh Allen) will make more person season than the New York Giants starter.

Fellow NFL Network insider Tom Pelissero added that Jones is guaranteed $82 million in the first two seasons of the deal.

Daniel Jones’ contract extension is a big win for him and New York Giants

daniel jones
Credit: Vincent Carchietta-USA TODAY Sports

Signing Daniel Jones to a long-term extension is a key part of the team’s offseason plans and will now lead to another major domino fall on Tuesday. By not having to use their franchise tag on Jones, Rapoport also reported that the team also put in the paperwork to officially put the tag on Pro Bowl running back Saquon Barkley. Another highly influential player from last season who was set to jump into NFL free agency next week.

  • Daniel Jones stats (2022): 3,913 total yards, 22 total TD, 5 INT, 92.5 rating

The franchise tag for running backs in 2023 is just over $10 million. A very affordable number for a player that is arguably the engine that makes the Giants’ offense go. Now, with their two most important players on that side of the ball locked up for 2023, the New York Giants can switch their focus to addressing other areas of need in the offseason.

Jones and Barkley will eat up a good chunk of their available cap space this offseason, however, the organization will still head into NFL free agency with some of the most salary cap space in the NFL.

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A primary objective for New York next will be to assess the wide receiver market and try to finally get their quarterback the passing game weapon he has badly lacked for the last two seasons. Inside linebackers and some upgrades in the secondary may also be a priority for the team in free agency.