Daniel Jones contract: Can the Giants cut their quarterback after this year?

When quarterback Daniel Jones led the New York Giants to their first playoff win since Super Bowl 46, it was enough for the team to reach terms on an extension with the pending free agent in 2023. Just under two seasons later, the contract has aged quite poorly.

Jones has been one of the worst quarterbacks in the NFL in 2023 and 2024.

He's played in just 13 games since signing his new contract and holds a 3-10 record in those games. Jones' average passer rating of 76.6 across those games would put him in the bottom six of the NFL in each of the last two seasons, and his 40.4% passing success rate averaged over those two years is also among the worst in the NFL in that sample.

In Week 7 of the 2024 season, the Giants benched Daniel Jones early in the fourth quarter against the Philadelphia Eagles for his poor performance. The writing is on the wall for Jones' time in New York, but here's how much his team is paying him this season and over the course of his contract:

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Daniel Jones contract details

Jones signed a four-year extension with the Giants after the 2022 season. OverTheCap has laid out all of the details on the second contract for the former first-round pick.

• Term: Four years

• Total value: $160 million

• Average annual value (AAV): $40 million

• Guaranteed money: $82 million

Jones' deal makes him the 15th highest-paid quarterback by total value and AAV. It's 17th among quarterbacks with $82 million guaranteed.

How much is Daniel Jones making this season?

Here's what Jones is making in 2024 per OverTheCap:

• Total salary cap hit: $47.86 million

  • Base salary: $35.5 million

  • (Prorated) Signing bonus: $11.11 million

  • Other bonuses (workout + incentives): $1.25 million

Jones' $47.86 million cap hit is the second-largest in the NFL this season behind only Arizona Cardinals quarterback Kyler Murray ($49.12 million).

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Can the Giants cut Daniel Jones?

Jones' four-year extension included a potential out for the Giants after the 2024 and 2025 seasons. Here's what New York would save or need to pay in each scenario according to OverTheCap:

2024

• Cut pre-June 1: $22.2 million dead money, $19.4 million cap savings

• Cut post-June 1: $11.1 million dead money, $30.5 million cap savings

• Trade pre-June 1: $22.2 million dead money, $19.4 million cap savings

• Trade post-June 1: $11.1 million dead money, $30.5 million cap savings

2025

• Cut pre-June 1: $11.1 million dead money, $47.5 million cap savings

• Cut post-June 1: $11.1 million dead money, $47.5 million cap savings

• Trade pre-June 1: $11.1 million dead money, $47.5 million cap savings

• Trade post-June 1: $11.1 million dead money, $47.5 million cap savings

Daniel Jones stats

Jones is 150-of-240 on pass attempts this season (62.5%, matching second-worst completion rate of his career) with 1,442 passing yards, six touchdowns and four interceptions.

The Giants are 2-5 in the seven games he has started so far this season.

This article originally appeared on USA TODAY: Daniel Jones: contract, stats, backup for New York Giants QB