Colts place transition tag on Daniel Jones

The Indianapolis Colts are placing the transition tag on quarterback Daniel Jones, the team announced Tuesday.

The tag will cost the Colts $37.833 million if Jones doesn't get an extension or offer sheet from another interested team. Indianapolis will have five days to match any offer the veteran passer receives as an unrestricted free agent.

The two sides can still agree to a new contract before the free-agency negotiation window opens March 9.

He's the first quarterback to receive the transition tag since the Atlanta Falcons used the one-year tender on Jeff George, per NFL Network's Ian Rapoport.

Jones' 2025 breakout campaign with the Colts was cut short by injury. He helped guide the team to an 8-2 start. However, a hairline fibula fracture in his left leg negatively impacted his performance before he suffered a season-ending ruptured right Achilles tendon in early December.

The 2019 first-rounder passed for 3,101 yards, 19 touchdowns, and eight interceptions while recording a career-high 68% completion rate.

Jones' return will provide stability to the Colts' quarterback room. Last season, Indianapolis signed veteran Philip Rivers in a bid to qualify for the playoffs but fell short with an 8-9 mark. Additionally, the team reportedly recently granted former first-round pick Anthony Richardson permission to seek a trade following three seasons in Indy. Riley Leonard also started one game during his rookie season in 2025.

Wide receiver Alec Pierce is set to become a free agent after the Colts opted to tag Jones. However, Pierce and the team continue to negotiate a new deal, according to The Athletic's Dianna Russini.