Franchising him for a year is the only way I would like to see the Packer's retain Aaron Jones. Signing him to a multi-year big money contract is likely to be a bad deal. Paying RBs big money has a long history of being a dumb idea. Chances are Aaron Jone's career trajectory is more Le'veon Bell or Todd Gurley than it is Adrian Petterson or Emmitt Smith. Teams with high-priced RBs rarely do anything in the playoffs.
Jones is a good RB, but I doubt that paying him big bucks is the missing piece that gets the Packers over the hump, but I think there's a pretty good chance this team can get back to the NFC game without him.
Resign Jamal Williams to a mid-level contract, and put that money towards a CB, WR, DE, or OT.
Now the counter to franchising him is that, short term at least, it would cost less to do a multi-year deal. With a multi-year deal, they can push most of it, for cap purposes, into future years. With a reduced cap year, doing that makes some sense. But the Packer's don't often structure their contracts for short term needs. But it's a weird year, so it will be interesting to see what, if anything, they do.