As the clock ticks toward Tuesday’s 3 p.m. CT tag deadline, the Colts and pending free agent quarterback Daniel Jones are continuing to negotiate a long-term contract, Jonathan Jones of CBS Sports reports. If an agreement doesn’t come together by then, Indianapolis is expected to place either the $43.39MM franchise or $37.8MM transition tag on Jones.
As of Sunday, the Colts and Jones were not close to reaching a deal. The team is reportedly leaning toward using the transition tag on Jones. Taking the less expensive route may give the Colts a better chance to retain their other top pending free agent, wide receiver Alec Pierce. However, they would be at far greater risk of losing Jones.
The Colts would have up to five days to match an offer for Jones, but if they passed on doing so, the signing team would not have to give up any draft compensation. Jones would be able to take offers all the way up to the third week in July. With most offseason business long over by then, It would likely be a catastrophic outcome for the Colts to lose him that late.
In all likelihood, nobody will tender an offer to Jones if the Colts go the franchise route. Doing so would force a team to part with two first-round picks for a quarterback who has been inconsistent throughout his seven-year career. If that isn’t prohibitive enough, Jones is recovering from a December Achilles tear. The former Giants first-rounder enjoyed his best season before then, but the injury dinged his stock.
Four days after the Giants waived Jones in November 2024, the Vikings added him to their practice squad. Jones finished the season with the Vikings, but he did not see any game action. Sam Darnold, who revived his career that season, was the Vikings’ starter during a 14-win outburst. Although Jones was down on the depth chart, he and Vikings head coach Kevin O’Connell developed a “mutual respect” during their short time together, according to Jonathan Jones.
Darnold and Jones became free agents the next offseason. Even though Darnold led the Vikings to a playoff berth, they had 2024 first-rounder J.J. McCarthy waiting in the wings. Re-signing Jones was reportedly a higher priority for the Vikings than keeping Darnold, but they wound up losing both signal-callers.
Jones turned down a better offer from Minnesota to sign with Indianapolis for $14MM. He saw an easier path to playing time in Indianapolis, where only disappointing 2023 first-rounder Anthony Richardson stood in his way. It was a good decision by Jones, who beat out the injury-prone and inaccurate Richardson for the starting job. Richardson requested a trade last month, though he has not encountered a strong market.
Meanwhile, McCarthy dealt with his own injuries and performance issues in a 10-game first season as a starter. The Vikings went 9-8 and missed the playoffs. The team has not given up on McCarthy, but it will consider other options as it attempts to rebound in 2026. There is at least a small chance of a reunion with Jones.
The Vikings are “closely monitoring” his situation in Indianapolis, per Jonathan Jones. They could pounce if the Colts don’t place a tag on the QB, Jonathan Jones adds. However, it is unlikely Daniel Jones will reach the market unfettered. If he does, the Vikings would have to win a bidding war. It would be an especially difficult task for a team that is a projected $45.51MM over the salary cap as of now.