Jones was a 2010 third-round pick who has spent the last two seasons on the non-football injury list following a single-car accident on June 25, 2010, that left the former LSU standout with multiple fractures and nerve damage in his lower left leg.
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"Chad had a severe injury to his left leg, involving a complex tibial fracture with associated injury to muscle, nerves and vascular structures," Dr. Scott Rodeo, a Giants associate team physician, said in a statement released by the team. "This type of injury is often limb threatening, and can sometimes require amputation. He has made a remarkable recovery to date, with successful salvage of the leg.
"However, at this time he has residual sensory loss, muscle weakness and tenuous soft tissue coverage in the involved lower leg. The resultant functional impairment precludes his ability to perform physically at the level required for professional football."
The 6-foot-2, 221-pound Jones started 19 of his 40 career games at LSU, totaling 157 tackles, including 7.5 for a loss, two sacks and five interceptions. Jones also averaged 10.8 yards as a punt returning, including a 93-yard touchdown.
Jones returned to the team's offseason workout program last month but was not yet cleared to resume his football career.
"We consider Chad to be part of the Giants family, and we'll continue to work with him in his rehab," general manager Jerry Reese said. "As we've said since his accident, we're thankful he is alive and able to lead a normal life."