The Kansas City Chiefs are actually the biggest winners of the New York Giants signing quarterback Daniel Jones to a long-term contract extension.
In today’s NFL, the price of quarterbacks is increasing on a yearly basis. For the New York Giants, they opted against picking up Daniel Jones’ fifth-year option, making him a free agent at the end of the 2022 season.
As it turns out, Jones had a turnaround year, had a historic performance in the team’s first playoff victory since Super Bowl 46, and was due a new, heavy contract. It came down to the wire, but the Giants were able to sign Jones to a contract extension just minutes before the 4:00 p.m. ET franchise tag deadline on March 7.
That contract was for four years, worth $160 million, and it includes the potential of Jones making an additional $35 million in incentives.
With Jones set to make an annual salary of $40 million, there were some big winners of the signing. One of them was the Kansas City Chiefs. Why is that? Well, that Patrick Mahomes contract looks like a bargain with each passing day.
Patrick Mahomes contract looks cheaper by the day after Daniel Jones contract
Back in 2020, Mahomes and the Chiefs agreed to a 10-year, $450 million contract extension, keeping him under contract through the 2031 season. With that, Mahomes carries an annual salary of $45 million, which is now the fifth-most among all quarterbacks.
Let’s take a look at the top 10 annual salary rankings among quarterbacks, according to Spotrac.
- Aaron Rodgers: $50.27 million
- Russell Wilson: $48.52 million
- Kyler Murray: $46.1 million
- Deshaun Watson: $46 million
- Patrick Mahomes: $45 million
- Josh Allen: $43 million
- Three Quarterbacks: $40 million
- Matthew Stafford
- Dak Prescott
- Daniel Jones
- Derek Carr: $37.5 million
Mahomes’ ranking will only decrease, especially with Joe Burrow of the Cincinnati Bengals and Justin Herbert of the Los Angeles Chargers all due for new deals.
While Jones’ deal looks pricey, the contract breakdown paints a different picture. First of all, Giants general manager Joe Schoen negotiated the deal so that Jones will only account for $19 million against the cap in 2023, which allows the team some flexibility to spend some money this offseason. Secondly, the full guarantee is $82 million, which would cover the first two years of his new contract. That, and while the Giants could get out of the contract after the second year, but the third year could be most beneficial. Why’s that? The Giants could save $47.5 million in cap space via release or trade ahead of the 2026 season and take on just $9 million in dead cap, per Spotrac.
Based on early reports, Daniel Jones’ 4 year, $160M contract with the #Giants includes $82M fully guaranteed at signing, & another $12M that locks in March of 2024.
Practical: 3 years, $112.5M
Full Deal: https://t.co/wudQSMkmFM
— Spotrac (@spotrac) March 8, 2023
The full guarantee on Giants QB Daniel Jones’ deal: $82 million.
Covers the first two years of the contract.
— Albert Breer (@AlbertBreer) March 7, 2023
Quarterbacks are only going to get more and more expensive. While Mahomes’ contract was among the richest at the time of signing, it is only going to look more and more like a bargain, especially if the Chiefs continue to contend for Super Bowls on a yearly basis.