Rather than spend $32.4MM on a Daniel Jones franchise tag, the Giants beat Tuesday’s buzzer by extending their quarterback. They will have both he and Saquon Barkley on their 2023 payroll for less than that price. Jones’ cap number and Barkley’s $10.1MM tag will help the team pursue upgrades in free agency, but another deadline will loom later this offseason.
The Giants will have until July 17 to reach an extension with Barkley, who has engaged in off-and-on extension talks with team dating back to November. Since that point launched negotiations, Ryan Dunleavy of the New York Post reports the Giants have increased their offer to Barkley. That unspecified hike is believed to have emerged during the parties’ offseason talks. GM Joe Schoen said (via Fox Sports’ Ralph Vacchiano, on Twitter) those will continue Wednesday.
Barkley is believed to have turned down a deal in the $12.5MM-per-year neighborhood. Schoen previously acknowledged the in-season negotiations did not lead to much progress, but Dunleavy adds optimism exists the Giants and Barkley can come to agreement before the July deadline. Absent an extension, Barkley will be tied to that $10.1MM cap number throughout the season. Barkley said after the season he wanted to stay with the Giants.
Guarantee distribution and contract length have also formed hurdles here, Dunleavy adds. The three- and four-year timelines have divided the sides. This will probably be Barkley’s last big-ticket agreement, given his experience level and age (26), so it would stand to reason guarantees will be the bigger factor in a deal being closed. That said, the recent run of running back extensions have mostly been four- or five-year pacts. Derrick Henry, Joe Mixon, Aaron Jones and Christian McCaffrey signed four-year extensions. Dalvin Cook and Alvin Kamara inked five-year accords. Ezekiel Elliott (six) and Nick Chubb (three) are the outliers among the top running back earners.
Barkley joins Josh Jacobs and Tony Pollard on the tag, a team-friendly price that checks in higher than only the kicker/punter tag this year. With the above-referenced deals all agreed to from 2020-21 — excepting Elliott’s, which was signed in 2019 — it is logical for Barkley to pursue a top-market deal given the salary cap’s climb. Barkley initially asked for McCaffrey-level money, but Dunleavy notes the sixth-year back reduced his price by a bit. Barkley said at season’s end he was not looking to reset the market, but after his bounce-back season and considering his importance to the Giants, it should not be expected he settles in the $12MM-AAV range. Still, the sides appear to have bridged the gap to a degree.
The Giants announced Jones’ extension Tuesday night. Jones came down from a $48MM-per-year ask, according to Dunleavy, and The Athletic’s Dan Duggan notes the quarterback’s agents flew to New Jersey on Monday to finish off the negotiations (subscription required). Jones’ 2023 cap hit is expected to check in around $19MM. Barkley is unlikely to sign an extension before free agency; talks had stalled as of Tuesday morning. But the Giants should still have some room to chase some free agents or retain others. They have been linked to having interest in bringing back Julian Love, Nick Gates and Jon Feliciano. All three are ticketed for free agency.
Hammering out those deals may seem easier after the team, using the 2020 Titans’ blueprint (Henry tag, Ryan Tannehill extension), negotiated its top offseason barrier.