Fifteen minutes (longer if possible) of throwing the ball or taking a walk will help him to be a calmer dog that is less apt to get into mischief.
Not only is this a great way to get your dog's energy out, but it is therapeutic for the human involved. If it were not for the dogs, there are days where I may not even make it outside! This is a NOT good for me, so thankfully, our exercise regime gets me out of my house.
The time spent together also helps to create that bond between dog and owner. So, get on out there and DO SOMETHING!
It is not advised to jog with larger breeds of dogs until the two year mark, as running can have detrimental effects to their hips and joints.