Official announcements from NFL teams, NFL transaction reports

Giants Release QB Daniel Jones After Benching, Incur Over $20 Million Dead Money

Nov 22, 2024, 04:59 PM

New York Giants quarterback Daniel Jones has been released by the team after requesting his release, a decision announced by Giants president John Mara. The Giants will incur over $20 million in dead money by releasing Jones, including dead cap hits of $47.1 million in 2024 and $22.2 million in 2025, while freeing up $19.4 million of cap space for the 2025 season. Jones's 2024 salary of $13,805,555 was already guaranteed, and he will receive the remainder of his salary. The 2025 injury guarantee will not trigger. There is no adjustment to Jones's contract as part of his release. He is subject to waivers due to the timing of his release after the trade deadline but is expected to clear waivers because any team claiming him would have to take on his remaining $11.83 million salary. Once he clears waivers, Jones will become a free agent eligible to sign with any team starting Monday at 4:01 PM ET, allowing him to find a new team ahead of the offseason. Teams that sign him could potentially receive a compensatory draft pick if he signs elsewhere in 2025. The Giants’ decision to release Jones after benching him earlier this week is considered a surprising and classy move, accommodating his request.