The Giants have released quarterback Daniel Jones, ending an awkward episode in which Jones was buried on the depth chart not because of skill, but because of $23 million in injury guarantees through 2025.

There are still financial consequences as a result of the move.

First, his $35.5 million salary remains fully guaranteed this year. They owe him $1.97 million per week for the remainder of the regular season.

The Giants are entitled to compensation for anything he earns elsewhere unless he elects to take the balance of the 2024 salary as severance. (He’ll go through waivers first, and he’ll undoubtedly go unclaimed.)

So they won’t be saving any cash or capital until 2024. They won’t owe him anything before 2025. Based on the original signing bonus ($36 million) and the restructuring of his 2023 base salary (which dropped the number from $9.5 million to $1.08 million and prorated the balance), the Giants will lose $22.21 million in 2025 carrying money for Jones.

It’s not clear what the Giants were in for cutting Jones. At the very least, they should have asked to waive the option to avoid compensation through the termination fee.

Even then, the Giants lost the ability to release him in March after June 1, which would have split the cap evenly between 2025 and 2026 — $11.105 million per year.