The New York Giants are in negotiations with star running back Saquon Barkley over a contract extension but have yet to sit down with representatives of quarterback Daniel Jones.
That was what Giants general manager Joe Schoen revealed at the Senior Bowl on Wednesday.
It is believed that the Giants are not about to allow Jones to hit free agency, likely using the franchise tag on him if necessary to keep him in Blue for another season.
The issue with that is the one-year franchise tag price for quarterbacks this season is $32.416 million — all cap effective for 2023. The Giants would like to have Jones nailed down sooner than that on a longer-term deal at a lesser per-annum cap hit.
The franchise tag might be the cheaper way out, believe it or not. Jones can ask for upward of $40 million per year, citing the current contracts of Matthew Stafford and Derek Carr, whose annual cap hits exceed $40 million.
The Giants, naturally, hope things don’t come to that. They have $44 million in available cap space and giving a whopping deal to Jones would undercut their rebuilding plans. They are hoping for a hometown discount of sorts.
Spotrac calculates Jones’ current market value at $26.2 million per annum and a fair contract this offseason would be for three years worth $78.8 million.
The franchise tag decision period begins on February 21 with a deadline of March 7. If the Giants can get Jones under contract by then, they will turn to Barkley with little ammunition to pay him what he’s worth — or what he’s asking.
From Paul Schwartz of the New York Post:
During the bye week, the Giants offered a contract that averaged $12.5 million on what is believed to be a three-year deal. Barkley’s camp rejected that and the team and the player at this point are not close in where they believe the new deal should fall.
Despite Barkley’s assertion not long after the Giants’ season ended with the playoff loss to the Eagles that “I’m not really too concerned with resetting any markets” where he sees himself in the running back hierarchy will tell the tale. If he is seeking anything close to the $16 million per year Christian McCaffrey is making a deal will not get done. The Giants do not seem inclined to move much higher than their $12.5 million a year offer.
Schoen warned everyone during his year-end presser that the salary cap would have a say in many of their offseason moves. Most assumed he meant Barkley and if Schwartz’ reporting is accurate, that may come to pass.
The Giants could use the franchise tag on Barkley, which is valued at $10 million this year, but even that may be a tad too rich for them. Barkley played for $7.2 million in 2022, which is more in the neighborhood of what the Giants might be thinking.
Schoen cut through the Giants’ roster last season with a swift blade, releasing overpaid veterans, cutting salaries, and signing many veterans to minimum contracts. There’s not much meat left on the bone this time around. There is still not enough to go around and more hard decisions are to come.
