For just the 2nd time in Chris Ballard’s tenure, a starting QB is returning to the Colts in consecutive years. While the Colts did put the transition tag on Jones, that didn’t guarantee his return with other teams able to still negotiate with him and the Colts able to void the tag if unsigned to pursue a different Quarterback option.
On Monday after weeks of negotiations, the Colts and Jones’ representation struck a deal before the clock struck 4pm on the New League Year. Every deal and trade (provided
players pass physicals) would be finalized at that moment, and every NFL team needs to be compliant with the salary cap prior to the deadline. For the Colts, Jones’ contract represented the biggest domino to fall to get cap compliant, not to mention to secure the Colts Quarterback position in the short term.
The final deal?
- 2 Years
- $88 Million (16th most for QBs)
- Up to $100 Million in incentives
- Over $60 Million Guaranteed (17th Most)
The per year breakdown?
- 2026: $50 Million Cap Hit (4th Most), $50 Million Guaranteed.
- 2027: $38 Million Cap Hit (14th), $10 Million Guaranteed.
While the $44 million per year is a lot, this is essentially a 1 year deal with an easy $28m savings in 2027 if the Colts want to go a different direction at QB. It’s the largest two year deal in NFL history, but it still gives the Colts flexibility long term.
It is also worth noting that Wide Receiver Alec Pierce accepted the Colts offer for less money ($29 million per year) than other teams were offering due to wanting to play with Daniel Jones on the Colts again, giving the Colts some savings relative to what his market was per teams like the Commanders (+$30 million per year).
Jones is still working his way back from his early December Achilles tear, but the expectation is he should be ready for Week 1 of the season. What level he will be at when he returns is unclear, but after his start to the 2025 season the Colts are banking on him returning to form at some point in the season to help them make a playoff push.
With this domino falling, expect the Colts to announce a bevy of moves (restructures, extensions, trades, cuts) to help get cap compliant prior to 4pm and free up funds to make some much needed upgrades along the roster. Now the offseason truly begins.
