New NFL Rumors on Daniel Jones' Colts Contract Talks in Free Agency after Transition Tag

The Indianapolis Colts and quarterback Daniel Jones are making progress toward a long-term deal, but nothing has been finalized, per NFL insider Jordan Schultz.

The Colts previously placed the transition tag on Jones, who is rehabbing from a season-ending torn right Achilles tendon suffered on Dec. 7 against the Jacksonville Jaguars. Jones was also playing with a fractured left fibula at the time.

Per the NFL Football Operations website, the transition tag allows players to speak with other teams and even sign an offer sheet, but the player's former team would have five days to match the offer sheet.

If no deal arises, then Jones would play on a one-year guaranteed salary of $37.833 million, per ESPN's Stephen Holder.

The 28-year-old Jones signed a one-year deal with the Colts last offseason and beat Anthony Richardson for the QB1 job.

He largely enjoyed a great 13-game run with the Colts and played the best ball of his seven-year career, completing 68.0 percent of his passes for 3,101 yards (8.1 yards per attempt), 19 touchdowns and eight interceptions. The former Duke Blue Devil also rushed for 164 yards and five more scores.

The Colts started 7-1 and then 8-2 under Jones and looked like legitimate AFC contenders. The offense was humming behind the strong rushing attack led by running back Jonathan Taylor, a powerful and stout offensive line guided by guard Quentin Nelson and left tackle Bernhard Raimann and the precision passing game piloted by Jones, who formed an easy chemistry with a complement of pass-catchers.

Indianapolis started slowing down a bit midseason and lost three of four heading into a crucial AFC South showdown with the Jags. Sadly, Jones suffered a season-ending injury, and the Colts' season tanked from there en route to an 8-9 campaign.

It makes sense for both sides to try to get something done. Jones found new life in Indianapolis after experiencing an up-and-down six-year tenure with the New York Giants. The Colts truly looked like they could make the Super Bowl based on the first half of the season. If Jones is able to get back to his old form post-injury, this makes sense.

Plus, he's probably the best option the Colts could find at QB1 at this point regardless. The draft would be tough considering Indianapolis traded its 2026 and 2027 first-round picks to the New York Jets in the Sauce Gardner trade. Free agency or a trade is a possibility, but Jones was arguably the best QB available as is before the transition tag.

So one can guess this deal will get done at some point. Albert Breer of Sports Illustrated gave an idea of the reported numbers for now.

"The Colts' initial offer to Jones was in the range of Sam Darnold's three-year, $100.5 million deal last offseason. Jones's camp countered that, based on the leverage a franchise tag would have given him, a deal worth $50 million per year would be more in the ballpark of what he'd take if he did a deal before this week."

We'll see what happens soon enough as free agency developments continue throughout the league.