Jones announced Friday that he will partner with The V Foundation, created by ESPN in former NC State coach Jim Valvano's honor, and donate 10% of his name, image and likeness proceeds to the foundation.
Jones was diagnosed with leukemia in January 2018. At the time, he was the Longhorns' leading scorer. While undergoing chemotherapy, Jones missed a significant portion of two seasons.
This season, Jones is averaging 10.1 points per game for the Longhorns.
"The money donated to the V Foundation played a major part not only in my ability to receive proper treatment but maintain confidence in both my recovery and eventual return to basketball," Jones said in a statement. "To be able to share my story on how this foundation has impacted my life while paying that forward to future families impacted by cancer is an honor."