The New York Giants officially released quarterback Daniel Jones, bringing an end to his tenure with the team after five-plus seasons. While the move allows Jones to find a new team, it also carries significant financial implications for the Giants, who will absorb a large amount of dead cap money over the next two seasons.
According to Spotrac, by releasing Jones now, the Giants incur dead cap charges of $47.1 million in 2024 and $22.2 million in 2025. These figures reflect the remnants of the four-year, $160 million extension Jones signed in March 2023, which was later restructured just six months into the deal.
New York Giants absorb heavy dead cap hits but clear future space
Despite the hefty dead cap hits, the move frees up substantial cap space in 2025. Without Jones’ $41.61 million cap hit for that year, the Giants save $19.4 million in cap space heading into the 2025 season.
Some cap math ...
— Tom Pelissero (@TomPelissero) November 18, 2024
Daniel Jones was due $30.5 million in 2025 with a $41.605M cap number. But the #Giants owe him no more cash beyond this season if they release (or trade) him before March 16, when $12M of his $23M injury guarantee would convert to a full guarantee.
If they… pic.twitter.com/1FWIxyXCzm
Notably, releasing Jones now rather than after the season does not impact the cap numbers. The dead money and future savings remain the same whether the move happened today or in the offseason.
The decision to release Jones before the end of the season stems largely from his demotion and lack of future with the team. Jones had fallen to QB4 on the depth chart and wouldn't take another snap. By granting his request for release, the Giants allowed Jones to move on and potentially sign with another team before the offseason.
“This was a mutual decision that is best for both Daniel and the organization,” Giants owner John Mara said in a statement.
Releasing Jones now also ensures the Giants avoid triggering his $23 million injury guarantee for 2025, which would have become a full guarantee had he remained on the roster past March 16. This financial clarity allows the Giants to focus on restructuring their roster for the future.
While the dead cap hits are significant, the Giants now have the flexibility to rebuild around a younger, cheaper quarterback in 2025. With a 2-8 record and the third overall pick in the 2025 NFL Draft as of this week, New York is well-positioned to target a top quarterback prospect.
The move marks a fresh start for both the Giants and Jones. For New York, it represents the end of a costly contract that did not deliver the long-term success they hoped for. For Jones, it provides a chance to reset his career with a new team.
As the Giants navigate the aftermath of this decision, their cap savings in 2025 could be a key asset in constructing a roster capable of bouncing back from another disappointing season.
Updated cap space information:
The Giants had an alternative option that could have saved them additional cap space in 2025. If they had waited until the start of the new league year in March and designated Daniel Jones as a post-June 1 cut, they could have saved $11.1 million on the 2025 cap. In that scenario, the $22.2 million dead money charge would have been split into $11.1 million for 2025 and $11.1 million for 2026.
However, the downside to that approach would have been the timing. The Giants would not have been able to access the extra $11.1 million in cap space for 2025 until June 2 of that year, long after free agency and the draft. By releasing Jones now, the Giants absorb the full $22.2 million dead money hit in 2025 but gain clarity and flexibility heading into the offseason without any future dead money tied to him in 2026.
This decision suggests the Giants prioritized immediate financial transparency over spreading out the burden, ensuring they have a clean slate beyond 2025 to fully focus on their rebuild.