Former New York Giants quarterback reportedly cleared waivers on Monday after his release, according to Mike Garafolo and Ian Rapoport of NFL Network, making him a free agent.

He may not be on the market for long—Jay Glazer of Fox Sports reported on Sunday that 10 teams have already reached out to Jones, with at least one team interested in making him the starter this season.

It’s hardly a surprise that Jones cleared waivers, despite that rumored interest. No team would want to be on the hook for the remaining two years of his massive four-year, $160 million contract and the $11.8 million he was guaranteed for the rest of the 2024 season, especially if he was coming in to be a veteran backup.

And no matter what the Giants say publicly, there is no way his benching and subsequent release were solely about the product on the field. Rather, the team was almost assuredly safeguarding itself against the $23 million he was only guaranteed for injury in 2025.

By releasing him now, the Giants took on $22.2 million in dead cap space, but also should be saving about $19.3 million against the cap next season. For a player who clearly hadn’t proven he could be a franchise quarterback, at least with the Giants, benching and then releasing him rather than risk that injury guarantee kicking in was the logical move.

Likewise, no team was going to incur his $11.8 million in guarantees this season, plus the possibility of an additional $23 million for injury next season, through a waiver claim.

ESPN’s Adam Schefter reported Saturday that Jones is expected to “have a new home on a one-year deal sooner rather than later” and is “expected to have multiple options but likely will prefer to finish the season on a playoff contending team, where he will be involved in big games, rather than going to a meandering quarterback-needy team not remotely in playoff contention, according to sources.”

Additionally, he reported that the Minnesota Vikings and Baltimore Ravens were the two teams seen as the most likely to land Jones.

“Of course, this season has been disappointing for all and, of course, I wish I could have done more,” Jones told reporters Thursday during a press conference. “I’m 100 percent accountable for my part. I did not play well enough, consistently enough, to help the team get the results.”

Landing with a contender to finish the season, however, might at least provide a silver lining to an otherwise rough season for the veteran quarterback.