How much cap space do the New York Giants have in 2023? Exploring knock-on effects of Daniel Jones' contract extension

The New York Giants are committing to Daniel Jones as their long-term quarterback. The team has agreed to offer the 25-year-old a four-year deal worth $160 million.

The pact with Jones includes a reported $35 million in additional incentives, $82 million over the first two years and a first-year cap number of $19 million. Jones' cap hit is now $13 million less than what he would have counted for had the Giants used the $32.4 million franchise tag on him.

The Giants are also placing the franchise tag on running back Saquon Barkley. However, by locking down their two key players, it has reduced the Giants' originally estimated $43,151,832 cap space to $36,721,167.

Brian Daboll's side will now focus on other areas of their team, including the exits of certain players.

According to reports, the Giants will save $6.7 million on their cap and eat $14.7 million in dead money when they release Kenny Golladay. The likes of Darius Slayton, Sterling Shepard, Richie James and Marcus Johnson are all set to enter the free agency market, which could open up some more space on the team's roster.

How did the New York Giants fare in the 2022 NFL season?

New York Giants QB Daniel Jones

The New York Giants finished the regular season in third place in the NFC East table with a 9-7-1 record. Brian Daboll's team finished as the No. 6 seed in the conference.

Quarterback Daniel Jones played a massive role in helping the team reach the playoffs. He threw for 3,205 yards on 317 passes for 15 touchdowns and five interceptions.

Jones then threw for 301 yards on 24 passes and two touchdowns in New York's wild-card round win over the Minnesota Vikings. However, the Giants were eliminated from the postseason by the Philadelphia Eagles in the divisional round.