It has long been known a mutual desire exists between the Colts and quarterback Daniel Jones to finalize a contract for 2026 and beyond. Work on attaining that goal should begin shortly. 
Tom Pelissero of NFL Network reports (video link) talks on a long-term deal are expected to open in the near future. Jones’ debut Indianapolis campaign started off extremely well, and his Achilles tear proved to be highly costly. Since then, a full recovery has been projected in time for the 2026 campaign.
The Colts’ QB plan this spring will of course hinge largely on their ability to retain Jones. The former Giants first-rounder hopes to remain in Indianapolis. A high-profile trip to the open market looms at this point, but it would come as a major surprise if that were to become possible. As Pelissero notes, the franchise tag is an option to guarantee at least a second Colts season for Jones. The 2026 tag for quarterbacks is projected to cost roughly $47MM.
That figure would represent a massive raise compared to the one-year pact Jones signed to join the Colts last March. The 28-year-old secured $14MM in base pay, with nearly all of that figure guaranteed. A franchise tag would also carry fully locked-in compensation, and using it would buy the Colts extended time to continue negotiating an extension.
Both sides will look to avoid such a situation; players always prefer a multiyear commitment to the tag, while teams aim to avoid the cap charges brought on by the one-year tender. The progress of negotiations over the coming days will thus be something to watch closely. Indianapolis is currently mid-pack in terms of projected cap space for next season, but the team has a number of pending free agent decisions to make. The top priority, to no surprise, appears to be sorting out the quarterback position.
Since Andrew Luck‘s retirement, the Colts have struggled to find a long-term solution under center. Former No. 4 pick Anthony Richardson has not lived up to expectations since arriving in the NFL, and his future in with Indianapolis is unclear. Without a successor in place, the team would be forced to explore a weak free agent market and/or a draft class which is not held in high regard to replace Jones. If all goes well in the near future, finding a new starting quarterback will not prove necessary.