Per Schefter, Jones will receive $40 million in guaranteed money over the first two seasons and at least $54 million over the first three years. Schefter noted it's the largest guarantee ever given to a defensive back.
NFL Network's Mike Garafolo reported Monday evening the Raiders offered more money per year:
John Clark of NBC Sports Philadelphia reported the Philadelphia Eagles were in the mix as well:
John Clark @JClarkNBCS
CB Byron Jones gets 5 year, $82.5 million with $57 million guaranteed, $40 million in first 2 years, with Miami Dolphins, according to @AdamSchefter I’m told Eagles were competitive with $. There is no state tax in FL. I’m told Byron wanted $ and fresh start from NFC East https://t.co/kLm8DGerAx
The reported deal would become official once the new league year begins at 4 p.m. ET on Wednesday.
Vincent Bonsignore of the Las Vegas Review-Journal reported on Feb. 29, during the NFL combine, that the Raiders were "expected to be among the teams showing legitimate interest" in Jones once free agency began.
SNY.tv's Ralph Vacchiano reported on March 3 that the Jets had "shown some interest" in Jones, and the Denver Broncos were also linked when Cecil Lammey of 104.3 The Fan reported on Feb. 11 that Jones "could be [a] top target" for the Broncos in free agency.
Jones had been in Dallas since the team selected him in the first round (27th overall) of the 2015 NFL draft. The 27-year-old earned a Pro Bowl nod in 2018. Overall, Jones has two interceptions, three forced fumbles, 43 passes defended and 347 tackles (268 solo) across 79 games (73 starts).
Jones' durability has been outstanding. He started all 16 regular-season games for the Cowboys in three straight seasons (2016, '17 and '18) while appearing in all 16 regular-season contests in all but one year.
Jones figures to slide into a starting role alongside Xavien Howard, who signed a five-year extension last May worth $75.25 million to make him the highest-paid cornerback at the time, for the Dolphins.
Miami ranked 26th in passing defense last season.