This is breaking news in the NFL: Adam Schefter announces that the New York Giants have released quarterback Daniel Jones. This decision comes after another tough season in which the Giants are 2-8, eleven weeks into the season. Jones was demoted as the starting quarterback to the bottom of the depth chart ahead of the Giant’s Week 12 matchup against the Buccaneers. This week’s changes led to Thursday’s press conferences when Jones presented a speech addressing fans and taking responsibility for not playing well enough. Shortly after, Jones approached Giants ownership this morning and asked to be released.
Jones was drafted 6th overall in the 2019 NFL Draft. His tenure in New York was a rollercoaster of highs and lows. In six seasons as the Giants’ starter, he went 22-44-1, with one winning season and one playoff appearance, both of which came in 2022.
The Giants Release Quarterback Daniel Jones
The Daniel Jones Era in New York is Over
Giants owner John Mara issued a statement saying Jones had requested to be released himself, and after discussion, it was best for both the quarterback and the team. Daniel came to see me this morning and asked if we would release him,” Mara said. We mutually agreed that would be best for him and the team. Daniel has been a great representative of our organization, first class in every way.” Coach Brian Daboll agreed and remembered Jones being entirely professional in his six-year Giants career. “We had a really good talk, Daniel and I. Got a lot of respect for him,” said Daboll. “He’s been nothing but a pro since I’ve been here with him.”
With respect and appreciation, the two sides have parted company, marking a pivot for the Giants toward finding their eventual quarterback of the future. On Jones’s part, he’ll now hit the waiver wire, where any claiming team would inherit the remaining $13.8 million salary he’s due to receive in guarantees for 2024. Unfortunately, the bittersweet closing chapter, in something that started with promise, fell short. Now, as the Giants look to the future, it seems inevitable: What’s next for the franchise and Daniel Jones?
Financial Impact of Jones’ Early Release
Less than a month and a half after the Giant’s playoff victory against the Vikings, in March, they took the bold step of locking down their future with Daniel Jones on a four-year, $160 million deal with $82 million guaranteed. The deal included playoff appearances, divisional titles, and playoff victories as some of the performance incentives provided Jones played at least 65 percent of the snaps.
The $82 million guarantee included only his 2023 and 2024 salaries and a prorated signing bonus. As a result of that prorated bonus, in addition to a 2023 contract restructure to free up cap space for the team, his cap dropped from $69 million in 2024 to just $22 million in 2025.
But the kicker: That deal also gave the Giants an out after two seasons, in case Jones proved not to perform.
In November 2024, the Giants cut Jones less than two years into signing the extension. Releasing Jones now means the Giants will take on “dead” money going into the 2025 season. The dead money for 2025 will be $22 million; however, it frees up $19 million in cap space. As it stands right now, the Giants will have $61,702 378 in cap space in 2025. Looking ahead to 2026, there is no dead money for Jones. If the Giants had designated him as a post-June 1st cut, they would have spread the dead cap through 2025 and 2026.
Main Photo: Kirby Lee-Imagn Images
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