"Chandler's not going anywhere because if we have to, we will franchise him," Arians told reporters. "Hopefully we will get it all done and be able to move on."

Jones' price on the open market could have put him among or made him the highest-paid edge rusher in football. Pro Football Focus ranked him seventh among all players with that distinction last season, and his ability to rush the passer or go into coverage makes him a devastating option on defense.

Given the massive contracts handed out to pass rushers in free agency in recent seasons—Olivier Vernon's $85 million deal comes to mind—the Cardinals knew they had to hammer something out before other teams got involved. With Larry Fitzgerald, Carson Palmer, Patrick Peterson and Jared Veldheer each having cap hits of more than $10 million, they may need to renegotiate deals in the coming weeks.

Jones' cap hold will put a tight squeeze on their cap, though it's likely they'll still try to hammer out a long-term deal. The Cardinals are not underselling him by any means, but it's always better to bid against yourself than 31 other potential suitors.