After a turbulent six-year run with the Giants, Colts quarterback Daniel Jones‘ resurgence was one of the NFL’s pleasant surprises during last season’s first three months. Jones guided the Colts to an 8-4 record through his first 12 starts, but a torn Achilles in a Week 14 loss to the Jaguars ruined his season and helped sink his team.
Season-ending injuries to Jones and backup Anthony Richardson left the Colts desperate enough to bring 44-year-old Pro Football Hall of Fame finalist Philip Rivers out of retirement. While that made for a fun story, the Colts did not win another game.
Indianapolis was in the catbird seat for a playoff spot for a large portion of 2025, but the team is now reeling from a second straight 8-9 finish. The Colts’ playoff drought climbed to five years during their second-half collapse. To make matters worse, the Colts do not have a first-round pick until 2028 (then 7-2, they traded their next two No. 1s to the Jets for cornerback Sauce Gardner) or an established starting quarterback under contract.
Jones is scheduled to reach the free agent market next month, but there is mutual interest in a second Colts deal. The two sides are expected to commence negotiations soon (if they haven’t already). Among teams chasing quarterbacks, there is “growing consensus” Jones will stay in Indianapolis, Jason La Canfora of SportsBoom reports.
“Jones is going back to the Colts. It makes too much sense not to happen,” one general manager told La Canfora.
The fact that Jones is just two-plus months removed from an Achilles tear increases the likelihood of remaining with the Colts, per La Canfora. The belief is that it would make plenty of sense for Jones to re-up with the Colts and recuperate in a familiar setting. Otherwise, in going elsewhere, he’d add the burdensome task of learning a new offense to an arduous recovery process.
Regardless of whether Jones sticks with the Colts, a substantial raise over last year’s $14MM deal is in order despite an inconsistent career and his recent injury. Considering the Colts and other teams are starved for a starting signal-caller, the 28-year-old is a candidate for the franchise tag (worth a projected $47.32MM) or another large contract.
With his stock then on the rise in New York, Jones secured a four-year, $160MM extension in March 2023. It was a disastrous decision by the Giants, who went on to cut Jones in November 2024. He finished the season as a Vikings backup before signing with the Colts in free agency. Jones was a buy-low pickup then, but a year later, he likely has more earning potential than any other pending free agent QB.
While the Colts expect Jones to bounce back from his injury by training camp, there is skepticism GM Chris Ballard will tag him by the March 3 deadline.
“Ballard was going to put the (franchise) tag on him if he didn’t get hurt,” another GM informed La Canfora. “Everybody knew that. Now he can keep him without tagging him.”
If that’s the case, Jones’ next Colts pact would “likely” be incentive-laden, according to La Canfora. Should the Colts work something out with Jones before March 3, it may enable them to tag one of his key weapons, wide receiver Alec Pierce, at a lesser cost (a projected $28.82MM).
Jones formed a nice rapport with Pierce, a soon-to-be free agent who has led the league in yards per catch two years in a row. Despite just 47 receptions, the field-stretching Pierce posted his first 1,000-yard season in 2025. If the Colts don’t franchise Pierce in the next two weeks, it would set up the 2022 second-rounder to reel in a much more valuable deal than the four-year rookie contract he just finished.