Giants restructure Daniel Jones contract months after massive extension to create salary cap space, per report

The Giants created some cap space just prior to the 2023 season kicking off

The New York Giants recently signed Daniel Jones to a massive contract extension. Now they've altered it for the short-term health of the franchise. 

New York has restructured Jones' contract just days before the start of the 2023 season, per ESPN. The Giants created $6.315 million in cap space by converting $8.42 million of Jones's salary into a signing bonus. Jones' cap figures increased by $2.105 million in each of the 2024, 2025, and 2026 seasons as a result. 

The Giants had only $826,164 in salary cap space (per Over The Cap), so this move gives them north of $7 million available heading into the season. If the money isn't used in 2023, that available cap space can carry over into next offseason. 

Jones reached a four-year, $160 million extension with the Giants in March, making him a top-10 paid quarterback in the NFL when he signed the deal. The Ginats signed Jones through 2026 with $82 million fully guaranteed and up to an additional $35 million available in incentives.

A career year from Jones last season earned him the initial 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 had only 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. With Jones at the helm, the Giants won their first playoff game in 11 years.

Jones' success with the Giants is tied to Saquon Barkley, who agreed to a new contract days prior to training camp beginning in July. 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. 

If the Giants wish to add even more pass catchers for Jones and to take stuff off Barkley's plate, there's an opportunity to do so at some point this season (should such player become available).