The bruising runner was cut by the Giants before he was due a $500,000 roster bonus.
Jacobs was also due a $4.4 million base salary next season.
A former Giants fourth-round draft pick from Souther Illinois, Jacobs has rushed for 4,849 career yards and 56 touchdowns.
Jacobs is an unusually large running back at 6-foot-4, 260 pounds.
However, he's not coming off one of his better seasons and didn't draw heavy interest in free agency.
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