Daniel Jones’ journey with the New York Giants has officially come to an end. Just days after being benched, the former No. 6 overall pick was released Friday morning. Giants owner John Mara confirmed the move, stating, “Daniel came to see me this morning and asked if we would release him. We mutually agreed it would be best for him and for the team.” Once seen as the franchise quarterback, Jones’ fall from grace has been steep, ending his six-year stint in New York.

The Giants cutting ties with their QB after a disappointing season. What’s the financial fallout? By releasing Jones, the Giants dodge the $78 million they would have owed him over 2025-26. But they’re not entirely off the hook—New York will take a $22.2 million dead cap hit in 2025, money already paid upfront. The real kicker? Keeping Jones benched down the stretch was a calculated move to avoid triggering a $23 million injury guarantee if he couldn’t pass a physical by March.

What’s next for Jones? Waivers. But don’t expect a team to pick up his pricey contract. The 2022 playoff hero will likely become a free agent, forced to rebuild his career elsewhere. Meanwhile, the Giants save big but pay the price in dead money—a classic NFL balancing act.

This decision comes with significant financial implications for both Jones and the Giants. The team owed him no guaranteed money for the remaining two years of his $160 million contract. While the Giants will absorb a painful $33.3 million in dead money, they’ll save $67 million in future cap charges, per OverTheCap.com. Jones, meanwhile, loses out on the rest of his mammoth deal, a harsh reminder of how quickly fortunes can change in the NFL.

Despite flashes of brilliance, including a playoff win in 2022, Jones struggled mightily this season, throwing just eight touchdowns against seven interceptions. The Giants, now 2-8 and eyeing a high draft pick, appear ready to turn the page, leaving Jones searching for his next chapter.

Where could Daniel Jones land after Giants release?

Daniel Jones’ departure from the New York Giants marks the end of an era and the beginning of intriguing possibilities. A former first-round pick, Jones’ journey has seen highs like the 2022 playoff run and lows that led to his benching. Despite his struggles, his experience and dual-threat ability make him an attractive option for teams seeking depth or a fresh start at quarterback. As Giants owner John Mara noted, the decision to release him was mutual, and now, Jones is looking for his next opportunity to shine.

The Los Angeles Rams and Denver Broncos emerge as compelling destinations. Sean McVay’s system in L.A. could provide Jones with the perfect environment to revive his career, much like Sam Darnold’s resurgence in San Francisco. Meanwhile, Sean Payton’s creative offensive schemes in Denver could play to Jones’ strengths, especially given his success with short and intermediate passes in 2022. Even as a backup, Jones could bring value to these teams while learning under top-tier coaches.

Other intriguing options include the Dallas Cowboys, Carolina Panthers, and Tampa Bay Buccaneers. Dallas, dealing with Dak Prescott’s injury, could view Jones as a safety net if their current backups falter. In Carolina, head coach Dave Canales has a track record of reviving quarterbacks and might offer Jones a chance to compete. Tampa Bay’s resilient offense, led by innovative coordinator Liam Coen, could also utilize Jones’ skills to keep the team afloat amidst injuries. Wherever he lands, Jones has a chance to redefine his narrative.