Yes, that is true that we have no obligations after Year 1 except for dead cap. I definitely agree that we got a younger and hopefully more injury-resistant RB.
Here is how the $14.8M of cash out the door is paid out in Year 1. It breaks down like this:
2024
$12.5M - Signing Bonus
$ 1.2M - Base Salary
$ 0.5M - Per Game Bonus
$ 0.6M - Workout Bonus
$14.8M 2024 Cash
However, as shown below it is only a $5.425M cap hit in 2024 due to the signing bonus being spread (cap-wise) over the four years.
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I suppose that a 1yr deal for Jones at $8.5M would have all hit in one year (???) so that would have been a smaller cash hit but bigger cap hit for GB in 2024 than Jacobs.