Jones' Massive Contract - How's it Breakdown?

Here are the details of the new contract plus a bit more about the escrow process that Clark Hunt will have to use.

First, I have to say this deal and its structure for 2024 tell me the Chiefs are probably all in on trying to get a three-peat! Since this is such a big story for the Chiefs to keep him, I’m unlocking this so everyone knows what I will get into with the cap and how deep it will go. There will be much more coming for free agency so subscribe now!

It turns out I wasn’t too far off on his cap number for 2024; it’s under 10 million, pretty significantly under 10 million even. Jones’ deal includes a $30 million signing bonus, which will cost $6 million against the cap each year. This puts his total cap number at only $7.35 million for 2024!

Things change significantly when we look at the next couple of seasons. In 2025, Jones’ cap number will jump to $34.85 million. The breakdown includes a salary of $13.75 million, a workout bonus of $100,000, a $15 million roster bonus, and the $6 million signing bonus proration. It will be likely that the Chiefs will use his roster bonuses much like they use Mahomes’ to free up a little space.

In 2026, his cap number jumps to $41.1 million. He will get a salary of $19 million, a workout bonus of $100,000, a roster bonus of $16 million, and the $6 million signing bonus proration. They may again use the roster bonus to reduce his cap hit in 2026.

In 2027, Jones’ cap number returns to $34.5 million, with a $28.25 million salary, a $100,000 workout bonus, and the $6 million signing bonus proration. This is the first year the Chiefs could realistically see as an out, and I’ll discuss why that is a little later.

In 2028, Jones will receive a $35 million salary with a $100,000 workout bonus, for a total of $35.1 million in compensation. When you add the $6 million bonus proration amount, his cap number for the year jumps to $41.1 million. Overall, it’s an excellent deal for Jones, and the Chiefs get to keep one of their top three players heading into 2024.

So, let’s take a look at the other parts of this deal that could be important. First, Hunt has to put $30 million in escrow plus the $30 million in the 2024 signing bonus for a total cash outlay of $60 million upfront. If on the roster on the third day of the 2025 league year, the Chiefs will pick up the other $35 million guarantee for 2026, and if they do, Hunt will have to escrow that amount as well.

While they technically have an out next year, it’s impractical to expect that they will use it. Not only would the Chiefs owe Jones $30 million not to play for them, but they would also pick up the other $18 million in salary cap proration for 2026-2028. Cutting him pre-June 1st would cost $52.75 million against the salary cap. Cutting him post-June 1st would cost $34.75 million in 2025 and $18 million in 2025. Both are incredibly cost-prohibitive.

The real out of the contract is after year three. If the Chiefs were to make that move in 2027, Jones would cost $15 million to cut. A pre-June 1st cut would be $15 million in 2027, a post-June 1st cut would be $6 million each for 2027 and 2028, and a $3 million guarantee would kick in the third day of the 2026 league year.