David Carr just got 4/$150 million. Geno Smith got 3/$105 million. QBs are expensive. Jones was the #12 QB in the NFL last year per Pro Football Network's power rankings. Smith was 10th but is much older. Carr was 17th.
Only $94 million of Jones' deal is guaranteed. And his first year cap hit is $19 million.
They have lots of holes on the team that will be harder to fill going forward. Signing a running back who has been hurt a lot is not smart either. Res are a dime a dozen.
Just because other teams are making dumb QB deals doesn't mean it makes sense. At least with NO they are in a terrible division and Carr will be the best QB there by far. Here is another ranking. #18. I think its fair to say he is in the middle of the pack even with improved play.
https://www.nfl.com/news/nfl-qb-index-ranking-all-32-teams-primary-starting-quarterbacks-at-the-end-of-th