The New York Giants needed a quarterback. They just decided it would not be Mac Jones.
New York acquired J.J. McCarthy from the Minnesota Vikings on September 28, sending a 2027 fifth-round pick to Minnesota for the former No. 10 overall selection, according to ESPN.
That price immediately creates an interesting question for the San Francisco 49ers.
The Giants had repeatedly been connected to Jones after Jaxson Dart underwent knee surgery that is expected to keep him out for the remainder of the regular season. San Francisco, however, has apparently maintained a steep valuation of its backup quarterback.
New York ultimately went shopping elsewhere, and landed a 23-year-old former first-round pick for a fifth-rounder.
For the 49ers, that makes their Mac Jones price worth revisiting.
49ers Reportedly Wanted Much More for Mac Jones
San Francisco has never sounded eager to move Jones.
The Athletic’s Dianna Russini reported in March that teams interested in Jones described the 49ers’ asking price as “astronomical.” Subsequent reports have placed that price in the range of at least a second-round selection.
That stance has made sense from San Francisco’s perspective.
Jones went 5-3 in eight starts while Brock Purdy dealt with injuries in 2025, completing 69.6% of his passes for 2,151 yards, 13 touchdowns and six interceptions. He proved he could keep a contending roster functional when its starting quarterback went down.
General manager John Lynch reinforced that value after Dart’s injury when he was asked about Jones trade interest.
Lynch would not reveal whether teams had called, but his explanation was straightforward: quality backup quarterbacks matter, and the 49ers learned that firsthand last season.
There is a difference, though, between valuing Jones internally and finding another team willing to meet that valuation.
The Giants just offered a useful market comparison.
Giants Paid a Fifth-Round Pick for J.J. McCarthy
Minnesota officially announced Monday that McCarthy had been traded to New York for a 2027 fifth-round selection, pending a physical.
McCarthy’s NFL résumé is not as strong as Jones’.
The Vikings drafted him No. 10 overall in 2024, but injuries wiped out his rookie season before an uneven 2025 campaign. Minnesota then added Kyler Murray this offseason and named Murray its starter during training camp.
Still, McCarthy offers something Jones cannot: additional contractual control.
McCarthy remains under his rookie contract through the 2027 season. As a first-round pick, his contract also carries a fifth-year option for 2028.
Jones, meanwhile, is playing on the final season of his contract with San Francisco. His deal is scheduled to void in 2027, putting him on track for free agency.
That means New York acquired a younger quarterback with multiple potential seasons of team control for a fifth-round pick.
Paying a second-rounder — or more — for Jones would have represented a dramatically different investment.
Did the 49ers Price Mac Jones Out of a Giants Trade?
That does not necessarily mean San Francisco misread Jones’ value.
The 49ers do not have to trade him.
Jones has considerably more evidence that he can step into an NFL lineup right now and win games than McCarthy does. For a team trying to contend for a Super Bowl, Jones may simply be worth more as Purdy insurance than the draft compensation other teams are willing to offer.
The 49ers’ asking price does not have to represent Jones’ league-wide market value. It can represent the price San Francisco requires to make losing him worthwhile.
But the McCarthy deal provides the clearest evidence yet of what at least one quarterback-needy team was willing to pay.
The Giants had a starting quarterback go down. Jones was available enough for his name to repeatedly enter the discussion. San Francisco reportedly wanted premium draft capital.
New York gave Minnesota a fifth instead.
If the 49ers were waiting for desperation elsewhere in the NFL to push Jones’ price toward their valuation, the Giants just showed there are cheaper doors to knock on.
49ers Mac Jones Trade Price Looks Steep After Giants Trade for J.J. McCarthy