How can I create delays between failed Queued Job attempts in Laravel?

I have a queued job in Laravel that fails from time to time because of an external API failing due to high load. The problem is that my choices appear to be to have the Laravel Queue continue to hammer the API with requests until it succeeds or tell it to stop after X number of requests.

Is there any way for me to, based on how the job fails, tell it to try again in 5 minutes instead of continuing to hammer away?

I want to use the built in queue handler, but the retry functionality doesn't appear to be built to handle real life scenarios of failure. I would think that many reasons for failing a job wouldn't be solved by immediately trying again.

via Chebli Mohamed