Jacobs played college football at the University of Oklahoma. Considered a phenomenal all-round player and startingquarterback, Jack averaged 47.84 yards per kick in 1940 with a career average of 42.10. He holds the record for passing percentage in a game completing 8 out of 8 passes. Jacobs accumulated the most offense yardage in 1940/1941. As a defensive back, Jacobs is tied with seven other players for the record number of interceptions in a game.
Jacobs then joined the Western Interprovincial Football Union as a quarterback for the Winnipeg Blue Bombers, where he won the Jeff Nicklin Memorial Trophy in 1952. Though Jacobs did not invent the forward pass, he is widely recognized as one of the key figures in making the forward pass an integral part of professional football. His exciting passing game drew thousands of fans to Blue Bombers games, instigating the need for the city to build a larger stadium, Winnipeg Stadium. As a Blue Bomber, Jacobs completed 709 of 1,330 passes for 11,094 yards, at that time the all-time leading passer for the Western Interprovincial Football Union. In 1951, he became the first professional football player to throw for 3,000 yards in a season with 3,248. He was also the first player to throw for more than 30 touchdowns with 33. The next season Jacobs threw 34 touchdowns and amassed 2,586 yards. Jacobs had 104 touchdown passes to only 53 interceptions. With Jacobs as their starting quarterback, the Bombers compiled a record of 46 wins, 27 losses, and three ties. They lost the Grey Cup in 1950 to the Toronto Argonauts and again in 1953 to the Hamilton Tiger-Cats. Winnipeg Stadium, built in 1953, was nicknamed "The House That Jack Built" because of Jacobs' contribution to the success of the team. Jacobs was twice a Grey Cup finalist, was named the all-western quarterback twice, and was one of the original inductees to the Canadian Football Hall of Fame in June 1963. He was also inducted into the American Indian Athletic Hall of Fame in 1977, the Oklahoma Sports Hall of Fame in 2002, and the Manitoba Sports Hall of Fame and Museum in 2004. Several records he set while at the University of Oklahoma still stand.
Other pro football
Jacobs asked for his outright release from the Winnipeg Blue Bombers in February 1956. After being waived out of the WIFU, Jacobs signed a contract with the London Lords as the head coach. Jacobs also played most of the season for the Lords. In 1957, Jacobs added the role of general manager to his duties with the London Lords. Jacobs played in one exhibition game in 1957. After serving as an assistant coach in the CFL, Jacobs returned to the field as a player in 1964. Jacobs suited up for the Toledo Tornadoes and saw action primarily as a punter although he did see some action at quarterback as well. Jacobs put on the pads for one final game on July 18, 1966, dressing for the Winnipeg Blue Bombers in an exhibition game.