According to the New York Times' Ken Belson, Jones sent a letter to Atlanta Falcons owner Arthur Blank—who is the chairman of the league's compensation committee—on Tuesday informing him that he is "standing down from my threat of litigation against the committee."
The decision comes after Jones tinkered with the idea of filing a lawsuit because he wanted all owners—and not just the six on the compensation committee—to have a voice with regard to the terms of Goodell's contract extension.
Citing the letter, Belson reported Jones told Blank he was withdrawing the threat now that the committee "is receiving valuable feedback from a number of owners."
"I want accountability," Jones told USA Today's Jarrett Bell on Tuesday.
On Sunday, ESPN's Adam Schefter reported that despite Jones' best efforts, Goodell's new contract extension is expected to be finalized "at or before" the NFL's owners meetings on Dec. 13.
Bell confirmed that news after speaking with an owner not on the compensation committee who said the deal should be completed "by early next week."
Citing a source, Schefter added "Goodell's total potential compensation could average about $40 million for each year from 2019 to 2023, making it a five-year extension worth up to about $200 million."