According to NFL Network's Aditi Kinkhabwala, Jones' deal is worth $4.4 million total with $600,000 guaranteed.
Jones has operated as Ben Roethlisberger's primary backup for the last two seasons, starting four games in that span.
"He has a very good understanding of our offense," head coach Mike Tomlin said, per Steelers.com's Teresa Varley. "He is a good communicator. It's part of the functions of being a backup quarterback, the talking of schematics and the seeing of what is on the field and the communicating of such. He has grown in a lot of ways in that area in the last several years."
Jones has made 16 total appearances for the Steelers since he was selected in the fourth round of the 2013 draft. During that brief action, he's completed 60.3 percent of his passes for 1,071 yards, seven touchdowns and six interceptions.
All told, the Steelers have gone 2-2 when Jones has trotted out under center in a starting capacity.
One of those wins came in 2016, when Jones shredded the Cleveland Browns to the tune of 277 yards and three touchdowns in a 27-24 Week 17 triumph.
A fairly limited sample size to date suggests Jones isn't one of the NFL's most trustworthy second-string quarterbacks, but he is familiar with the Steelers' scheme and has an established rapport with the team's veteran receiving corps.
"I've been in this offense four years now, so I feel comfortable with basically everything that we’re running out there," Jones said toward the end of the 2016 season, per Steelers.com's Mike Prisuta.
Now that Jones has been retained and the No. 2 quarterback spot has been addressed, the Steelers can turn their attention to other areas of need as they seek to make modest improvements through free agency in hopes of repeating as AFC North champions.