That will make him a free agent March 17, though Schefter added that the Packers are "attempting to re-sign him before he gets there."
Jones, 26, has emerged as one of the better running backs in football over the past two seasons, rushing for 2,188 yards and 25 touchdowns in that time, adding 96 catches for 829 yards and five scores. He was a Pro Bowler in 2020.
That makes him a key part of Green Bay's offense, though the Packers nonetheless bypassed the franchise tag.
That could mean one of a few things. The Packers may simply believe they can come to terms on a long-term extension. Or they might not be worried about a vibrant market developing for Jones, given how much the position has been devalued in recent years.
Or the Packers aren't concerned with losing him, period, believing they can get similar production from 2020 second-round pick AJ Dillon (veteran Jamaal Williams will also be a free agent, though he will be far cheaper to retain).
His free agency will be an interesting one. He's the top running back on the market and one of the top offensive players. He's in his prime, though he also already has 782 touches after four seasons and 533 in the last two.
In the modern NFL, that's a sizeable workload for a running back. The days of 300-carry seasons are largely in the past, minus a few exceptions. Jones has been excellent for Green Bay, but it's hard to see him getting anything close to the type of deals players like Christian McCaffrey (four years, $64 million) and Alvin Kamara (five years, $75 million) have seen.