The Indianapolis Colts are preparing to begin discussions on a contract extension with quarterback Daniel Jones, according to NFL Media’s Tom Pelissero. Both the team and Jones are motivated to reach a new agreement, aiming to keep the quarterback in Indianapolis beyond the upcoming season.
If the two parties cannot finalize terms before the free agency period starts in March, the Colts have the option to place the franchise tag on Jones as a backup plan. Pelissero does not foresee Jones playing for any team other than the Colts in the 2026 season.
Background on Daniel Jones’ Career and Contract Status
Daniel Jones, now 28 years old, was originally the sixth overall pick in the 2019 NFL Draft by the New York Giants, selected out of Duke University. He completed his rookie contract, which lasted four years and totaled $25,664,056, including a signing bonus of $16,684,768.
After the Giants declined his fifth-year option for the 2022 season, Jones signed a significant four-year, $160 million extension with the Giants in 2023. However, after being benched in 2024, Jones was released by New York and briefly joined the Minnesota Vikings’ practice squad before signing a one-year, $14 million contract with the Colts for the 2025 season.
Jones’ Performance in the 2025 Season and Future Outlook
During the 2025 season, Jones appeared in 13 games for Indianapolis, completing 68 percent of his passes for 3,101 yards, 19 touchdowns, and eight interceptions. He also contributed on the ground with 45 carries totaling 164 yards and five rushing touchdowns. Jones is projected to become an unrestricted free agent this offseason, and if the franchise tag is applied in 2026, it could be valued at around $47.3 million for quarterbacks.
Implications of Extension Talks and NFL Dynamics
The negotiations between the Colts and Daniel Jones are crucial, as securing a long-term deal would provide stability to the team’s quarterback position. If no agreement emerges before free agency, the franchise tag could be a significant fallback, ensuring Jones remains with Indianapolis. His presence is also noted among the top 100 NFL free agents expected in 2026, highlighting his value across the league.
“Both sides want to work out a new deal to keep Jones in Indianapolis.” – Tom Pelissero, NFL Media
“Pelissero doesn’t expect Jones to be playing for anyone besides the Colts in 2026.” – Tom Pelissero, NFL Media
The Insiders on @NFLGameDay with @TomPelissero, @MikeGarafolo, and @JudyBattista: #Colts plan to open talks for Daniel Jones; #Bengals could franchise tag Trey Hendrickson; #Giants QB Russell Wilson’s future; #Cowboys will tag George Pickens, but could trade him. pic.twitter.com/R5lcNyorZY
— Ian Rapoport (@RapSheet) February 8, 2026
