How much money are the Giants on the hook for after releasing a $160 million QB in Daniel Jones?

Turns out the Daniel Jones saga had one more turn in store, as the New York Giants opted to waive their former franchise QB just a few days after announcing that they'd be benching Jones for the remainder of the season. New York tried to get away with demoting Jones to its practice squad, but after it became clear that it had alienated everyone from fans to fellow players in the locker room, GM Joe Schoen decided that situation was untenable. When Jones went to ownership asking for his release, John Mara granted it, a fitting end to a chaotic last two seasons.

The PR hit the Giants took in the aftermath of benching Jones just goes to show how motivated they were to move on from the former No. 8 overall pick. And for good reason: While their handling of the situation left a lot to be desired, cutting ties with Jones when they did was a necessary first step as the team looks to finally find its QB of the future and get back into contention.

How much money do the Giants still owe Daniel Jones?

The four-year, $160 million contract the Giants gave to Jones after the team's playoff run in 2022 looked like a mistake from pretty much the moment the ink dried. But despite an awful and injury-plagued 2023 season, New York couldn't move on without a monstrous salary cap hit.

Now, though, the Giants finally had their window. Jones technically still had two years remaining on his contract, with salaries due of $30 million in 2025 and $46.5 million in 2026. But none of that money was guaranteed, meaning that all New York would be on the hook for if it cut Jones was $22.21 million — the remaining prorated portion of his signing bonus. (The only thing that would have guaranteed Jones' salary for 2025 was an injury; if he couldn't pass a physical at the start of the next league year in March, he'd be owed an extra $23 million.)

Benching Jones while he was still healthy ensured that the Giants would be able to move on at quarterback with as reasonable a cap hit as possible. Of course, it could have been even more reasonable had Jones not forced their hand on Friday.

How does releasing Daniel Jones now affect the Giants' salary cap situation?

The amount owed to Jones doesn't change with this move; how it affects the team's cap situation in 2025 and beyond, however, does.

Had the Giants held on to their QB through the end of the year, they could have designated him as a post-June 1 release, allowing them to spread the $22.21 million cap hit across both '25 and '26. The Giants wouldn't have had access to the extra $11 million-plus in cap space until June of 2025, at which point most free agents will have already signed, but that's still valuable flexibility.

Now, though, Jones will count for the full $22.21 million on the team's cap next season. Given where the Giants are in their competitive cycle, that might not be too big of a deal: On the contrary, New York might prefer to take all of its medicine next season, as it starts over with presumably a rookie quarterback, rather than having Jones still haunt them on their 2026 cap sheet. But the fact that the team didn't initially plan on releasing Jones suggests they would've at least liked to have had the option.