In the end, Joe Schoen didn't have much choice. Either he was going to bite the bullet and give in to Daniel Jones' demands, or he was going to slap the franchise tag on him. The latter meant two things: 1. Saquon Barkley would likely be signed by another team with no compensation coming back to the Giants; and 2. The entire $32.4* million owed Jones under the franchise tag would be guaranteed and would be applied in full to the 2023 salary cap. Neither was acceptable to Schoen.
So he did the only thing he could: he waited until the 11th hour - 3:59 PM Tuesday, to be exact - to agree to a four year, $160 million contract - $82 million guaranteed. Doing that allowed him to franchise tag Barkley for $10.1 million. But more importantly, it meant that the first year of Jones' contract - thanks to the way it was written - would only count $19 million against the cap. And if Schoen can somehow get Barkley to accept a two-year, $25 million deal, that 10.1 million cap hit would be lowered by $1 or $2 million. Only in the NFL can $40 million equal $19 million. If Jones played hockey instead of football, he and his agent would be up a creek.
Now before you skewer Schoen for overpaying for Jones, it's important to understand just how hamstrung he was regarding the salary cap. While not quite as hard up as some of his fellow GMs, Schoen was nonetheless facing a daunting task: how to field a team next season and still be cap compliant. Nobody, with the exception of Jones, his family, a handful of friends and his agent, seriously believed that coming off a year in which he had only 15 touchdowns and threw for 3205 yards, he was worth $40 million per year. And keep in mind, Jones' agents were reportedly asking for $46 million. If Daniel Jones is worth $46 million, Patrick Mahomes is worth $75 million. Even $38 million was pushing the envelope. $35 million seemed a more reasonable figure.
But reason and reality rarely intersect in professional sports. If they did, the Mets payroll would be $200 million instead of $370 million. Schoen knew with the clock ticking, he didn't have the leverage to play hardball. Give him credit at least for turning a shit sandwich into a Big Mac. Once the Giants buy out Kenny Golladay next week, they will have about $25 million in available cap space. And if they can somehow get Leonard Williams to renegotiate his contract, they could pick up another $5 million. Now you know why John Mara hired an assistant GM instead of a Director of Player Personnel to run his franchise. The latter may be a good talent evaluator, but the former knows how to crunch numbers. Schoen is still digging out from the debris left by his predecessor.
But there was another reason for keeping Jones. His ceiling is still unknown. I have long felt that Jones' biggest problem is between his ears. He obviously has the arm strength and the wheels to play in the NFL; it's his pocket presence and decision making that has so often tripped him up. If Brian Daboll and Mike Kafka can continue to mold him, there's a very real possibility that this contract could pay for itself in two years. If not, if Jones never develops into the quarterback the Giants envisioned him being when they drafted him, Schoen can simply cut him after the '24 season with only an $18 million dead cap hit on the books.
Feel better? You should. Joe Schoen knows what he's doing. Just take a look at the Buffalo Bills. In two years, the Giants could be where they are.
Who wouldn't want that?
* An earlier version of this piece incorrectly stated that Jones's franchise tag would've been $36.2 million had the Giants not signed him to his four year contract. The actual amount was $32.4 million. I have made the correction. Sorry for the confusion.
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