The Indianapolis Colts are committing to quarterback Daniel Jones for the near future.
Jones agreed to a two-year, $88 million contract that will keep him in Indianapolis through the 2027 season, according to reports Wednesday. The deal comes after the Colts placed the transition tag on Jones earlier this month.
Under the new agreement, Jones will earn $50 million in 2026—about $12.2 million more than he would have made under the transition tag—followed by $38 million in 2027, with $10 million of that salary guaranteed. The contract includes more than $60 million fully guaranteed and could reach $100 million with incentives.
Jones and the Colts had been working toward a long-term deal while he recovers from a torn Achilles suffered late last season. Although they missed the franchise-tag extension deadline last week, the sides finalized a new agreement well before the July 15 deadline for tagged players to sign long-term contracts.
“I’m fired up to be back and definitely grateful for the opportunity,” Jones said during an appearance on The Pat McAfee Show. “The transition tag process was interesting, but I always wanted to be here and had faith it would work out.”
Indianapolis originally signed Jones last offseason to compete with 2023 first-round pick Anthony Richardson, who is currently seeking a trade. Jones ultimately won the starting job and delivered one of the best stretches of his career before the injury.
In 13 games, Jones threw for 3,101 yards with 19 touchdowns and eight interceptions while posting a career-best 68% completion rate. He also led the NFL with a 52% success rate and added five rushing touchdowns in Shane Steichen’s offense. His toughness was evident as well—he continued playing through a broken fibula before the Achilles tear in December.
Because of that injury, Jones may not be ready for the start of the 2026 season. If he isn’t, second-year quarterback Riley Leonard could open the year as the starter unless general manager Chris Ballard adds another quarterback.
Jones, however, said his goal is to be ready for Week 1.
“The left leg’s healed,” he said. “I’m working on the Achilles and making good progress with the rehab. I’m fired up.”
When Jones was healthy last season, the Colts looked like contenders. Indianapolis started 7–1 with a high-powered offense before fading down the stretch and missing the playoffs. Jones’ play dipped slightly before his injury, including a three-interception performance in a Week 9 loss to the Pittsburgh Steelers.
Jones previously showed similar flashes during his 2022 season with the New York Giants under coach Brian Daboll, when he threw for a career-high 3,205 yards and earned a major extension. Injuries and inconsistent roster support contributed to uneven results afterward.
Now the Colts are betting that Jones can build on last year’s resurgence once he returns to full health. With the franchise aiming to reach the playoffs for the first time since 2020, Indianapolis is hoping its quarterback can deliver another comeback—this time over a full season.
