No big deal: Daniel Jones' much-ridiculed $160M contract might be a Giant bargain

EAST RUTHERFORD, N.J. — John Mara insisted last week that he's "still happy" the New York Giants signed quarterback Daniel Jones to a four-year, $160 million contract last March. Sometimes it seems like he's the only one.

He really shouldn't be alone on that, though. That contract, which was ridiculed as too rich for a quarterback like Jones almost from the moment it was signed, hasn't turned out to be the albatross many expected it would be. In fact, it has turned into something else for the Giants:

A bargain.

Laugh if you want, but that is the way the much-maligned contract looks just 16 months after Jones signed it. Maybe it wasn't at the time, when a quarterback with just one good season was given one of the richest contracts in football. But thanks to a run of new contracts among NFL starting quarterbacks, Jones' $40 million per year average is only tied for 14th most at his position. And it'll drop a notch lower as soon as Dak Prescott gets his new deal that will surely be worth about $60 million per year.

There are now eight quarterbacks making more than $50 million per year. That list includes Trevor Lawrence, who got a five-year, $275 million deal from the Jaguars after throwing for just 21 touchdowns and 14 interceptions last season despite his career record of 20-30. And it includes Jordan Love, who got a four-year, $220 million extension from the Packers after his first season as a starter.

In fairness to them, Jones' best season — 2022 when he threw for 3,205 yards, 15 touchdowns and 5 interceptions while running for 708 yards and seven touchdowns — pales in comparison to their best years. And Jones can't possibly be compared to most of other top-paid quarterbacks on the list.

But that's the point. He doesn't really have to be, because he's not paid like an elite quarterback. He's now paid far more like Derek Carr ($37.5 million per year) than Joe Burrow ($55 million) or even Jalen Hurts ($51 million). In fact, if you take out Aaron Rodgers — whose deal (and it's $37.5 million average) is an anomaly since he took a paycut to help facilitate his trade to the Jets — Jones is at the bottom of the pay scale for experienced starters, just ahead of Baker Mayfield ($33.3 million) and Geno Smith ($25 million).

That's not elite company. In fact, financially, the bar to justify his salary is mediocrity. 

And that seems pretty achievable based on the last season when he was healthy and his offensive line wasn't constantly getting him killed.

Of course, the Giants want more. They certainly want more than Jones gave them last season when he threw for just 909 yards and two touchdowns with six interceptions in six starts (He was sacked a ridiculous 30 times in those six starts, by the way). He also suffered his second neck injury in three years before tearing his ACL. 

It was hardly the return on investment the Giants expected. But the Giants have always believed that disaster was less about Jones, and more about his terrible surrounding cast.

"Let's be honest," Mara said. "When he was playing, we weren't blocking anybody. So let's give him a chance with a better offensive line with some weapons around him to see what he can do."

The Giants think they've given him a better offensive line, adding veterans Jon Runyan and Jermaine Eluemanor. And they drafted Malik Nabers sixth overall to give Jones the No. 1 receiver he's never had. General manager Joe Schoen, at his camp-opening press conference, made it clear "we need better in 2024" from Jones. They believe that they've eliminated all excuses and the expectations are high.

And the early signs are good. Jones has had an excellent camp so far. He was terrific in two days of practice against the Detroit Lions this week. And he had an electric connection with Nabers, who caught 17 of the 18 passes thrown his way over the two days.

Jones is feeling healthy and his confidence clearly hasn't taken a hit. In a recent edition of the "Go Long" podcast, he said he "absolutely" considers himself one of the top quarterbacks in the NFL. And he didn't shy away from that when he was asked about it on Monday morning.

"I think the question had mostly to do with confidence and how I see my ability to play at this level," Jones said. "I'm very, very confident and know I can play at a high level here."

Maybe he can, but he doesn't need to do that to justify his contract. That $40 million number might seem large, but it's not when it comes to quarterbacks. Jones is 27 and is entering his sixth year as a starter. Most quarterbacks like that make more than $40 million per season.

The category of quarterbacks where his salary fits could really be titled "best of the rest."

Now, there is a wild card to all this, of course: His health. Questions about that were the driving force behind the Giants' decision to look into the top quarterbacks in this year's draft, and to try to trade up to the third overall pick for North Carolina quarterback Drake Maye. If Jones can't stay healthy there's no shot he'll be back again next season. And then his deal really will look like a waste of the $82 million the Giants guaranteed.

But if he can stay on the field, the Giants would gladly take the 2022 version of Jones for their $40 million per season. And they believe that he'll improve on all his numbers from that season now that he theoretically has a better surrounding cast. And if that happens, if Jones really does play at the "high level" he expects, he won't just be proving his worth, he'll be exceeding the value of his contract. It will only take a little bit of improvement over his 2022 season to make him seem underpaid.

And if that doesn't happen, or if he gets hurt again? Well, the other beauty of the contract is the escape hatch is built-in. The Giants can cut Jones after the season and he'd leave only $22.2 million in "dead money" behind. That's not bad either for a starting quarterback halfway through his first big deal.

But despite what the world saw on HBO's "Hard Knocks," the Giants aren't looking for a way out. They might have concerns about Jones' health, but they don't have buyer's remorse. They paid him because they have faith in his abilities.

They also knew where quarterback salaries were heading. They knew how Jones compared to others around the league. They still gave him a big deal. There's no doubt about that.

It just looks a lot smaller than it once seemed.

Ralph Vacchiano is the NFC East reporter for FOX Sports, covering the Washington Commanders, Philadelphia Eagles and New York Giants. He spent the previous six years covering the Giants and Jets for SNY TV in New York, and before that, 16 years covering the Giants and the NFL for the New York Daily News. Follow him Twitter at @RalphVacchiano.