The New York Giants reached a four-year, $160-million agreement with quarterback Daniel Jones ahead of Tuesday’s franchise tag deadline, sources told Jordan Schultz, theScore’s NFL insider.

Jones’ new contract also includes $35 million in possible incentives, sources said. The team later confirmed the deal.

Jones is coming off his best season as a pro, compiling a healthy 3-to-1 touchdown-to-interception ratio (15-5) while rushing for seven touchdowns and a franchise-record 708 yards. He also threw for a personal-best 3,205 yards and decreased his interceptions. The 25-year-old reduced his fumbles as well, recording 19 as a rookie compared to six in 2022.

The Giants and Jones were in contract negotiations that came down to the wire before Tuesday’s franchise-tag deadline. The two sides met throughout the week at the NFL combine but left without a deal. However, the organization and Jones’ representatives continued discussions into Tuesday to agree on a contract.

New York planned to franchise tag the signal-caller if the two sides could not agree to a long-term deal. General manager Joe Schoen was hopeful of avoiding this path, stating last week that the tag could hamper the team’s ability to build around Jones.

Signing Jones to an extension prior to the deadline allowed the Giants to apply the franchise tag to Saquon Barkley in order to keep the star running back off the market.

The Giants declined the fifth-year option on Jones’ rookie deal last year, which set up the quarterback to potentially become a free agent this offseason.

Under Jones’ guidance, alongside first-year head coach Brian Daboll and the stellar play of Barkley, the G-Men won their first playoff game in over a decade last season. Jones threw for 301 yards and two touchdowns in a 31-24 road win over the Minnesota Vikings in the wild-card round, becoming the first player in NFL history to record 300 yards, two passing touchdowns, and 70 yards rushing in a postseason contest, per NFL Research.

New York selected Jones sixth overall out of Duke in the 2019 draft. He’s quickly become a favorite inside the locker room as the team’s true leader, according to multiple Giants players who’ve spoken with Schultz.

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