The Colts and Daniel Jones hve agreed to a two-year, $88 million deal that keeps him in Indianapolis and takes him off of the transition tag, CBS Sports NFL insider Jonathan Jones confirmed. The deal also includes a host of incentives, with a max value of $100 million.
Jones, 28, and the Colts continued to work on a multi-year deal even after he received the rarely used transition tag. The tag would have paid him $37.833 million for the 2026 season — roughly $6 million less than the franchise tag — while allowing him to receive offers from other teams. The Colts still would have had a chance to match any outside deal he agreed to.
Instead, he’s staying right where his remarkable bounce-back season occurred, and he gets a lot of money to do so. That includes $50 million in the first year of the deal, more than $13 more than he would have made on the transition tag. Overall, the $44 million per year is the 18th-most for a quarterback currently.
After the Giants released him midway through the 2025 season, Jones landed on the Vikings’ practice squad. It looked like the former first-round pick, who signed a four-year, $160 million deal in New York just two years earlier, would become a journeyman.
Then he signed a one-year, $14 million deal with the Colts and the chance to beat out Anthony Richardson for the starting job. He took advantage of that opportunity and ran with it, winning the job and playing extraordinarily well. The Colts started 8-2. Then a slide for both Jones and the team began: He suffered a fractured tibia — which he played through — and then a season-ending torn Achilles a few weeks later. The Colts finished 8-9 and missed the playoffs.
Still, Jones finished third in net yards per attempt (7.7), sixth in completion percentage (68%) and ninth in passer rating (100.2) in his first year with the Colts. He was first in expected points added per play. More than the numbers, Jones showed improved playmaking ability, using his athleticism to his advantage and making several high-level throws in clutch moments while operating Shane Steichen’s offense with aplomb.
The Colts, who also spent big on wide receiver Alec Pierce but lost wide receiver Michael Pittman Jr. via trade in the process, will now hope Jones can recover from his latest significant injury and return to the form he was in to start the 2025 season. Indianapolis still has star running back Jonathan Taylor, a strong offensive line and tight end Tyler Warren coming off an impressive rookie season. The healthy returns of cornerbacks Sauce Gardner and Charvarius Ward should also be a boon for the defense. The Colts had been in on the Trey Hendrickson sweepstakes as well, so perhaps an upgrade at EDGE is in order.
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