NFL insider Adam Schefter has reported that the New York Giants have released quarterback Daniel Jones. This move comes after a difficult season, with the Giants currently holding a 2-8 record, eleven weeks into the year. Jones had been demoted to the bottom of the depth chart ahead of the Giants’ Week 12 game against the Buccaneers. During this week’s press conferences, Jones addressed the media, taking responsibility for his underperformance. Shortly after, he approached the team’s ownership and requested to be released.
Jones, selected 6th overall in the 2019 NFL Draft, experienced a rollercoaster career in New York. Over six seasons as the starting quarterback, he posted a 22-44-1 record, with just one winning season and one playoff appearance, both of which occurred in 2022.
The End of the Daniel Jones Era in New York
Giants owner John Mara confirmed that Jones had personally requested his release, and after discussions, they agreed it was the best decision for both parties. “Daniel came to see me this morning and asked if we would release him,” Mara explained. “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 echoed Mara’s sentiment, praising Jones for his professionalism throughout his tenure. “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 mutual respect, both sides have parted ways, signaling the Giants’ shift toward finding a long-term solution at quarterback. Jones will now enter the waiver wire, where any team that claims him will assume the remaining $13.8 million in guaranteed salary for 2024. While his time in New York began with great promise, it ultimately fell short. The big question now is: what lies ahead for both the Giants and Daniel Jones?
Financial Impact of Jones’ Early Release
In March, shortly after the Giants’ playoff win against the Vikings, the team made a bold move by locking up Jones with a four-year, $160 million contract, including $82 million guaranteed. The contract contained performance incentives related to playoff appearances, divisional titles, and victories, provided Jones played at least 65% of the snaps.
The $82 million guarantee covered only his 2023 and 2024 salaries, along with a prorated signing bonus. This restructuring, combined with a contract modification in 2023 to create cap space, lowered Jones’ cap hit from $69 million in 2024 to just $22 million in 2025.
However, the contract also included an out after two seasons if Jones did not meet expectations.
In November 2024, just under two years after signing the extension, the Giants released Jones. This move will result in a “dead” money charge of $22 million for 2025 but frees up $19 million in cap space. The Giants will have $61,702,378 in cap space for 2025. Looking ahead to 2026, there will be no further dead money related to Jones. If the Giants had designated him as a post-June 1st cut, the dead cap would have been spread across both 2025 and 2026.