Giants' Updated Salary Cap After Daniel Jones' $160M Contract, Saquon Barkley Tag

The New York Giants reportedly signed quarterback Daniel Jones to a four-year, $160 million deal with $35 million in incentives on Tuesday, and they'll now place the franchise tag on running back Saquon Barkley, per NFL Network's Mike Garafolo.

With Jones locked up long-term and Barkley expected to get the franchise tag for 2023, the Giants will have minimal cap space moving forward. Before Tuesday's moves, the franchise had $46 million in cap space, per OverTheCap.

Jones is receiving $82 million guaranteed over the first two years of his contract, according to Sports Illustrated's Albert Breer, and the rate for Barkley, a franchise-tagged running back, is $10.1 million.

NFL Network's Ian Rapoport added that Jones' salary-cap number for 2023 is worth around $19 million.

New York intends to free up some additional cap space by releasing veteran wide receiver Kenny Golladay on March 15, per ESPN's Adam Schefter. The move will save the Giants $6.7 million against the 2023 salary cap.

The Giants previously declined Jones' fifth-year option and he would have become a free agent this offseason if not franchise-tagged or signed long-term.

After a solid 2022 season, the 25-year-old was looking for a deal worth more than $45 million annually, Pat Leonard of the New York Daily News reported on March 2. His $40 million per year average puts him among the NFL's 10 highest-paid quarterbacks, including Derek Carr, Matt Stafford and Dak Prescott.

Prior to last season, Jones struggled to prove his worth, which is why the Giants declined his fifth-year option. However, the franchise remained patient, and he went on to have a solid 2022 campaign under head coach Brian Daboll.

In 16 games last season, Jones completed 67.2 percent of his passes for 3,205 yards and 15 touchdowns against five interceptions, in addition to rushing for 708 yards and seven scores. He led the Giants to a 9-7-1 record and a berth in the postseason.

As for Barkley, he admitted in January that he would be upset if given the franchise tag. However, there have been no indications that he will hold out next season while on the tag.

The 26-year-old had an impressive bounce back 2022 season after back-to-back injury-riddled 2020 and 2021 campaigns. He rushed for 1,312 yards and 10 touchdowns in 16 games last season and figures to play a big role in any success the Giants find in 2023.

ESPN's Jordan Raanan reported on Feb. 16 that there was "belief" the Giants and Barkley could come to terms on a deal worth $14 million per year this offseason. His market value is $12.3 million annually, per Spotrac.

Now that the star running back is set to play on the tag, maybe a $14 million per year deal is something they can revisit following the 2023 campaign.

With Jones and Barkley's contracts set, the Giants can turn their attention to other areas.

New York could greatly use help at wide receiver as it didn't have a single 1,000-yard pass-catcher last season. Darius Slayton came the closest as he caught 46 passes for 724 yards and two touchdowns in 16 games.

Slayton, Sterling Shepard, Richie James and Marcus Johnson are all set to become free agents this winter.