Jones missed part of the season after a freak injury caused by his own teammate in the season opener, but he managed to make a big impact on special teams in the second half of the year.
Jones had a huge kick return for a touchdown that helped the Ravens beat the Minnesota Vikings and had a few other strong special teams performances.
He wasn't nearly as electric as a wide receiver, but showed what he can do during a strong playoff run in 2012/2013 when he helped the Ravens win the Super Bowl.
It remains to be seen how much he will see the field as a wide receiver moving forward. The Ravens are likely to sign a free agent wide receiver and/or select one early in the upcoming NFL Draft.
The contract is certainly on the upper end on what I would have given Jones, but if he can continue to be one of the league's top kickoff and punt returners, it should work out fine.
As far as Graham, it's disappointing that the Ravens didn't make a more aggressive move to sign him, especially given that he signed with a team already stacked at cornerback.
Graham will make about $4 million a year, a steal for an underrated corner who always seems to make the right play. He will be tough to replace, and it will force the Ravens to sign a free agent cornerback or select one fairly early in the draft.