According to the good folks at Over the Cap, the Chiefs tacked on the incentives as an option bonus with four void years in order to avoid paying for the incentives in 2023.
This move keeps Jones' cap hit at $26.8M for the 2023 NFL season, leaving the Chiefs with around $180K in 2023 after the Joe Thuney restructure.
With the void years, it looks as if Jones carries $1.35M toward the cap in 2024, 2025, 2026, and 2027. Those years will automatically void on a certain date. However, the cap hits could be lower depending on the Jones' earned incentives this season.
There's also another catch.
If Jones becomes an unrestricted free agent in 2024, all of that incentive money earned in 2023 would be accelerated against the 2024 salary cap. That would also be the case if the Chiefs use the franchise tag on Jones.
If Jones were to sign a new extension prior to the 2024 void year kicking in, the Chiefs would be able to spread the remainder of Jones' earned incentive cap hits over the life of the new deal.
https://atozsports.com/kansas-city/chiefs-chris-jones-contract-void-years-option-bonus-2024-salary-cap/