Daniel Jones just won’t let go. He’s not on the roster, not in the quarterback room, and not part of the organization. But somehow, he’s still dragging the New York Giants down from afar. Cutting him might’ve ended the on-field chapter, but the financial mess is still very much alive — and it’s going to be for a while.
After signing a four-year, $160 million deal back in 2023, he has gone 3-13 as the starter with 10 touchdown passes to 13 interceptions. The contract blew up almost instantly, and even after cutting ties, the damage still lingers.
When the Giants cut Jones, they took on $47.1 million in dead cap in 2024 and another $22.2 million this year. Dead cap space is money that still counts against a team’s salary cap for a player who’s no longer on the roster, usually due to a trade, release, or retirement. That’s money they can’t spend. And in a division like the NFC East, any upgrade helps.
Daniel Jones' dead money is eating up Giants' remaining cap space
For a rebuilding and retooling team like the Giants, every dollar counts. The fact that Jones is costing this team so much money in 2025 is a big fat reminder of the misfire that was his contract extension.
General manager Joe Schoen and head coach Brian Daboll were coming off a relatively successful season, going 9-7-1 and a playoff win. But those in-the-moment, feel-good vibes faded quickly as Jones was unable to live up to the lofty expectations of the deal and being the franchise quarterback.
Big Blue still managed to land a few offseason pieces, mostly on defense — Paulson Adebo, Jevon Holland, and Chauncey Golston headline that group. They also brought in Russell Wilson as the short-term fix.
It's been pretty good cap gymnastics by Schoen this offseason but with only $3.8 million remaining in effective cap space, having that additional cap space could have helped them bring in some more talent via trade or signing.
Jones, meanwhile, takes his talents to the Ponies in Indianapolis. The 28-year-old will battle with Anthony Richardson for the Colts' starting quarterback spot. Richardson is in a similar situation to Jones: A former high draft pick who has struggled with consistency and lacks reliability.
Jones is now Indianapolis’ problem — or at least their new project. He’ll fight for a starting spot with Richardson, and whether he plays or not, the Giants are still stuck footing the bill for a deal that never should’ve happened. Nobody’s blaming Jones for cashing in, but the aftershock is still shaking the walls at 1925 Giants Drive.
That $22 million cap hit could’ve gone a long way for a team still trying to pull itself out of the hole Jones helped dig.