Right now with Jones they let it ride, and keep him around to be an overpaid Top 4 Right Handed Defenseman (which is by far the biggest gap in the prospect pool at the moment, there's 2022 1st round pick Sam Rinzel who is a project, and nobody else at the moment). Hopefully Jones, who turned 29 today, is able to age well into his early 30s and as the cap goes up, his percentage of the cap hit will go down, making the contract less bad. As a few years go by, then the more palatable a trade with retention becomes, but it's hard due to a NMC which can limit undesirable locations or ever attaching an asset to dump. So realistically, Jones is in it for the long haul and hopefully he can stay a Top 4 D and it doesn't go from a bad contract to crippling one.
Jones contract will expire when he is 35, right before Bedard turns 25. All in all given where they are at as far as being early in a rebuild, he's a fine guy to have for the moment and the contract isn't too concering.