Daniel Jones giants
Vincent Carchietta | USA TODAY Sports

The Giants have reportedly come to terms with quarterback Daniel Jones on a new contract, minutes before Tuesday’s 4:00 p.m. ET franchise tag deadline.

The news was first reported by Ryan Dunleavy of the Post, with Tom Pelissero of NFL Network reporting it’s a four-year, $160 million deal.

Jones is locked in as the Giants’ franchise quarterback a year after everyone was ready to write him off. The Giants declined his fifth-year option and put him into a make-or-break scenario last offseason. Jones responded with his best season as a pro, one that included leading the Giants to their first playoff win since Super Bowl 46. And now, he’s paid.

Sports Illustrated’s Albert Breer additionally reports the full guarantee is $82 million over the first two years.

It’s a huge deal, and a $40 million average salary seems like a whole lot for someone who only threw 15 touchdowns last year. But you must remember the guaranteed money is only $20.5 million per year over the life of the contract. And this move allows the Giants to better manage the cap to improve the roster and figure out Saquon Barkley’s future.

And speaking of Barkley…with the franchise tag still unused, general manager Joe Schoen pulled off another buzzer-beating move and placed it on the veteran running back. Barkley is now slated to be back with the Giants for his sixth season, with a $10.1 million guaranteed salary.

If the Giants didn’t get a deal done with Jones and tagged him for $32.4 million, they likely would’ve let Barkley test free agency. Tagging Jones and signing Barkley to a multi-year deal never made sense. The Giants didn’t have the cap space to guarantee Jones $32.4 million next year and also give Barkley a multi-year deal in the $12-14 million range.

But with these two crucial moves by Schoen, head coach Brian Daboll will have his two offensive leaders back in 2023, with remaining cap space to improve the supporting cast.

Ryan Honey is a staff writer and host of the Wide Right Podcast.