The Indianapolis Colts are working on a multi-year contract with quarterback Daniel Jones.
NFL Network insiders Ian Rapoport and Tom Pelissero reported Wednesday morning that Jones and the Colts’ representatives have made strong progress toward a two-year extension, according to sources.
The Colts used the transition tag on Jones on March 3rd, which cost $37.833 million, but allowed the QB to test the market. Indy would have the option to match any offer but would receive no compensation if they chose not to.
A two-year deal could make sense for both sides, giving each some flexibility going forward, given Jones’ Achilles injury.
The short-term nature of the deal would give the Colts some cushion if the recovery takes time or the QB’s game is completely lost. Sinking a ton of guaranteed money into a QB coming off a significant injury would have been a major gamble. Yet by ensuring it’s around 2026, the brass can build with a plan in place.
For Jones, it offers another bite at the apple if he can get back on track from the injuries he showed under Shane Steichen.
Jones threw for 3,101 yards, 19 touchdowns and eight interceptions while earning a career completion percentage of 68.0 and leading the NFL with a 52.0 completion percentage. His mobility also played a role as he rushed for five touchdowns. How will the Achilles tear affect it?
The Colts entered the offseason with the goal of keeping both Jones and wide receiver Alec Pierce. At the opening of the negotiating window on Monday, they agreed to a four-year, $114 million contract with the expansion. Now they’re getting closer to making sure Jones is beyond 2026 as well.