2. Daniel Jones, New York Giants — 4 years, $160 million, $82 million guaranteed
Quarterback contracts have exploded over the past few seasons, and that explosion unfortunately coincided with the Giants entering QB purgatory. The sixth overall pick from 2019 had his best season in 2022, throwing for over 3,200 yards, 15 touchdowns, five interceptions, and had a winning record as a starter for the first time in his career.
Prior to the season, New York had declined Jones' fifth-year option, which would have paid him over $22 million. At the time, this was a somewhat puzzling decision, as even though Jones was still unproven, he was a first-round pick, and $22 million is not much at all for a quarterback salary; though it would have ranked fifth in the league this season, it would drop to 17th in 2024.
That decision came back to bite the Giants, as they were left with no choice but to extend Jones following his improvement in 2022, and that extension came at the cost of $82 million guaranteed. The team is technically saving money this season, as Jones' cap hit is $15.4 million, but the rest of his deal will cost New York $47.1 million, $41.6 million, and $58.6 million.
Currently, those figures would rank sixth, 11th, and fourth in the league, and Jones is simply not in that tier of QB. He's regressed thus far this season, going 1-4 as a starter and throwing just two touchdowns to six picks. The team is on the hook for his deal through 2024, and at this point, it's likely they'll move on from him following the 2024 campaign, eating $22.2 million in dead money.