The New York Giants did beat the franchise tag deadline to get a long-term deal done with Daniel Jones, reaching an agreement on a four-year, $160 million deal with their franchise quarterback minutes before Tuesday's 4 p.m. ET deadline passed. Jones will get $35 million in incentives and was set to get the franchise tag if a contract wasn't reached by the deadline.
Jones will get $82 million fully guaranteed, which will cover the first two years of the deal, per ESPN. The 2023 cap hit is around $19 million, according to Ian Rapoport. The average annual salary of $40 million puts Jones tied for the seventh-highest paid quarterback in the NFL while his guaranteed salary at $82 million is eighth highest in the league.
"I said after the season I love this place," Jones told Giants.com. "I've really enjoyed my time here & I want to be here. I have great respect for this organization, the Maras, the Tisches, my coaches and teammates. I am happy we were able to come to an agreement."
Since the Giants were able to get a deal done with Jones, New York placed the franchise tag on Saquon Barkley -- giving the running back a guaranteed $10.091 million in 2023. The Giants now have until July 17 to work out a long-term deal with Barkley as a result.
Giants General Manager Joe Schoen on getting the deal done with Jones: "We are all pleased that we were able to come to an agreement prior to today's deadline. This gives us a greater ability to continue to build our roster."
A career year from Jones earned him this extension. Not only did Jones have the lowest interception rate in the league last season (1.1%), but he reached career highs in completion percentage (67.2%), passing yards (3,205) and in passer rating (92.5). He also added career highs in rushing yards (708) and rushing touchdowns (seven).
Jones only had eight turnovers on the season, by far the lowest number of his career as the Giants didn't ask him to do too much with the offense as he became more comfortable with the system. The Giants won their first playoff game in 11 years with Jones at the helm.
Barkley rushed for 1,312 yards last season, which was fourth in the NFL -- and the most by a Giants running back since Tiki Barber in 2006. He finished with 1,650 yards from scrimmage in 2022, good for seventh in the league.
Jones' success with the Giants is tied with Barkley. He has 44 passing touchdowns and 17 interceptions in his career in games Barkley plays and just 16 passing touchdowns and 17 interceptions in games Barkley does not play. His passer rating is 91.4 in games Barkley plays and 77.3 in games Barkley doesn't play.
The Giants are banking on Jones and Barkley as franchise players, while trying to build a good supporting cast around them after a surprising divisional round playoff appearance last season. New York is seeking a deeper playoff run with its two core players locked up for 2023.