JUST-IN: This $160 Million Mistake is Still Bleeding the Giants Dry Financially Even Though He Doesn’t Even Play for Them Anymore

Daniel Jones Just Won’t Fade Away — Financially, at Least

Daniel Jones may no longer be on the New York Giants’ roster or even part of the franchise in any official capacity, but his presence is still being felt — and not in a good way. Though he’s no longer playing in blue, the financial burden of his failed contract continues to weigh heavily on the team.

After inking a four-year, $160 million deal in 2023, Jones posted a disappointing 3-13 record as a starter, with just 10 touchdown passes to 13 interceptions. The deal quickly turned into a disaster, and while the Giants have moved on from him on the field, the financial consequences remain very real. By releasing Jones, the team incurred a massive $47.1 million dead cap hit in 2024, with another $22.2 million carrying over into 2025.

Dead cap space is money that counts against a team’s salary cap despite the player no longer being on the roster — meaning it’s cash that can’t be used to improve the team. In a competitive division like the NFC East, every bit of cap space matters.

For a team still rebuilding and trying to find its footing, that $22 million is a painful reminder of a misjudged investment. General manager Joe Schoen and head coach Brian Daboll were riding high after a 9-7-1 season capped by a playoff win, but their decision to extend Jones has turned into a major setback.

Daniel Jones

Despite this, the Giants have managed to bring in some helpful offseason additions, mainly on the defensive side, including Paulson Adebo, Jevon Holland, and Chauncey Golston. They also signed veteran quarterback Russell Wilson to bridge the gap under center. Schoen has worked some clever cap maneuvering, but with just $3.8 million in effective cap space remaining, the money tied up in Jones’ dead cap could have made a meaningful difference.

Now, Jones moves on to Indianapolis, where he’ll compete with Anthony Richardson for the Colts’ starting quarterback job. Like Jones, Richardson is a high draft pick with plenty to prove and questions surrounding his consistency.

Jones is now Indy’s challenge to figure out — but the Giants are still paying the price for a contract that never should have been signed. No one faults him for taking the deal, but the financial fallout continues to impact the Giants, a team still trying to dig out of the hole left in his wake.

That $22 million could’ve gone a long way toward building a stronger, more competitive roster.