Daniel Jones, Giants agree to long-term contract extension

Oct 18, 2020; East Rutherford, New Jersey, USA; New York Giants quarterback Daniel Jones (8) looks to pass against the Washington Football Team at MetLife Stadium. Mandatory Credit: Robert Deutsch-USA TODAY Sports

The New York Giants have reached a long-term agreement with Daniel Jones.

Jones and the Giants finalized a contract extension just before the Tuesday afternoon deadline for teams to use the franchise tag. Ian Rapoport of NFL Media reports that the deal is worth $160 million over four years, with an additional $35 million in incentives.

After signing Jones to a long-term extension, the Giants then used their franchise tag on star running back Saquon Barkley.

The $40 million average annual salary for Jones will place him among the top-10 highest-paid quarterbacks in the NFL, at least for now. He is likely to fall further down the list if and when Joe Burrow, Jalen Hurts, Justin Herbert and potentially Lamar Jackson sign new deals this offseason.

By signing Jones to a long-term deal now, the Giants were able to get ahead of the market. If Jones plays well and leads New York to the playoffs again next season, the contract may end up looking like a bargain.

Jones, who will turn 26 in May, threw for 3,205 yards, 15 touchdowns and five interceptions in 2022 while quarterbacking the Giants to their first playoff appearance since 2016. He also rushed for 718 yards and 7 touchdowns. The former Duke star made big strides under head coach Brian Daboll.