New York Giants restructure contract of QB Daniel Jones

Just months after signing him to a four-year, $160 million deal, the New York Giants have restructured the contract of quarterback Daniel Jones.

With the team (soon to be) more than $5 million over the 2023 salary cap with Week 1 of the regular season kicking off, general manager Joe Schoen needed to create some space and did so thanks to DJ.

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Field Yates of ESPN reports that the Giants converted $8.42 million of Jones’ base salary into a signing bonus, creating nearly $6.32 million in cap space.

The Giants have restructured the contract of QB Daniel Jones, converting $8.42M of his base salary into a signing bonus and creating $6.315M in cap space, per source.

— Field Yates (@FieldYates) September 4, 2023

Other options Schoen had were extending either defensive lineman Leonard Williams or cornerback Adoree’ Jackson, but he seemed to shut that notion down last week.

“Yeah,” Schoen told reporters when asked if negotiations will wait until after the season. “Unless something changes, I’ll never say ‘never,’ but as of right now that’s the plan.

“I won’t say we won’t do it, but we have nothing on the docket right now.”

With the Jones restructure, the Giants are now roughly $825,000 under the cap (as of Thursday). They will need to create upwards of $6 million more in space to operate this season.

Note: The NFL is still operating under the top-51 rule until Thursday so reports on how much the Giants saved will vary depending on which metric is being used. In the above article, we used Thursday’s projected 53-man roster.