According to NFL Media’s Tom Pelissero, the Colts and QB Daniel Jones will commence talks on a contract extension soon.
Both sides want to work out a new deal to keep Jones in Indianapolis, per Pelissero. If they can’t agree on a number before the start of free agency in March, the franchise tag is available as a fallback.
Either way, Pelissero doesn’t expect Jones to be playing for anyone besides the Colts in 2026.
Jones is scheduled to be an unrestricted free agent this offseason after playing on a one-year, $14 million deal in 2025. Per Over The Cap, the 2026 projected franchise tag for quarterbacks is $47.3 million.
Jones, 28, was selected by the Giants with the No. 6 overall pick out of Duke in the 2019 NFL Draft. He finished the final year of his four-year, $25,664,056 rookie contract that included a $16,684,768 signing bonus.
The Giants declined Jones’ fifth-year option entering the 2022 season. After playing out his deal, he signed a four-year, $160 million extension with the team in 2023.
Jones was granted his release by the Giants after being benched in 2024 and was later signed to the Vikings’ practice squad. He then signed a one-year, $14 million deal with the Colts for the 2025 season.
In 2025, Jones appeared in 13 games for the Colts and completed 68 percent of his passes for 3,101 yards, 19 touchdowns and eight interceptions. He added 45 carries for 164 yards and five touchdowns.
We have him included in our Top 100 – 2026 NFL Free Agents.
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