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Nov 30, 2025; Indianapolis, Indiana, USA; Indianapolis Colts quarterback Daniel Jones (17) yells at the line of scrimmage during a game against the Houston Texans at Lucas Oil Stadium. Mandatory Credit: Grace Hollars-USA TODAY Network via Imagn Images Grace Hollars-USA TODAY Network via Imagn Images

A Big Gap Remains in Colts–Daniel Jones Negotiations

Originally posted on Indianapolis Colts on SI
By Sean Ackerman | Last updated Mar 9, 2026 9:47 AM ET

An hour before last Tuesday's deadline to use the franchise or transition tag, the Indianapolis Colts finally decided that it would be best to place the rarely-used transition tag on quarterback Daniel Jones, making him the second-ever quarterback to be transition tagged in NFL history (Jeff George, 1996).

Although the tag was used, the Colts still have a few months to try and hammer out the details of a multi-year extension for Jones, a deal that both sides have expressed interest in getting done. Until now, we hadn't heard any exact numbers; we just knew that the two sides were "far apart".

A new report from Albert Breer of Sports Illustrated finally gives us an inside look at what the Colts offered Jones and how his camp countered.

"I do think Daniel Jones will stay in Indianapolis, but there’s a big gap that needs to be made up in the coming days," Breer wrote. "The Colts’ initial offer to Jones was in the range of Sam Darnold’s three-year, $100.5 million deal last offseason. Jones’s camp countered that, based on the leverage a franchise tag would have given him, a deal worth $50 million per year would be more in the ballpark of what he’d take if he did a deal before this week."

Per @AlbertBreer, the #Colts offered QB Daniel Jones a contract similar to the one Sam Darnold signed with the Seahawks (3 years $100.5 million). Jones’s camp counter offered a deal which would pay him around $50 million per year.
— Stampede Blue (@StampedeBlue) March 9, 2026

Daniel Jones Wants $50M+ Annually

The gap in negotiations comes shortly after Indianapolis used the transition tag on Jones earlier this month. The tag is valued at about $37.8 million for the 2026 season, allowing Jones to negotiate with other teams while giving the Colts the right to match any contract he signs.

According to Breer, the Colts offered Jones a Darnold-esque deal, but Jones wants to become one of the top-ten highest-paid quarterbacks. If the Colts gave Jones a deal worth over $50 million annually, that would rank him above Patrick Mahomes in terms of annual salary. Guys like Lamar Jackson and Jalen Hurts are two players earning just over $50 million per year.

Travis Register-Imagn Images

Obviously, the Colts are hesitant to give that much money to a quarterback who had a small sample size of success and is rehabbing from a torn Achilles tendon and fractured fibula. If Jones is unable to become that same player we saw in the first half of the 2025 season, the Colts will be on the hook for a massive salary for years to come.

In 13 starts for Indy, Jones completed a career-high 68% of his passes for 3,101 yards, 19 touchdowns, and eight interceptions, finishing with a 100.2 passer rating while also adding five rushing touchdowns. He showed great command at the line of scrimmage and displayed a near mastery of Shane Steichen's playbook.

Colts Must Balance Roster Priorities

Another piece of the puzzle is wide receiver Alec Pierce, who is expected to draw a ton of interest in the open market. Pierce could land some offers that are north of $30 million annually, which is a price tag the Colts certainly wouldn't be able to afford if they pay Jones $50 million.

The reason the Colts used their tag on Jones instead of Pierce is because of their recent history of quarterback uncertainty. They figured that if Jones was tagged, Pierce would be willing to stay for a lower price because he knew who the quarterback would be.

Christine Tannous-USA TODAY Network via Imagn Images

Unfortunately for the Colts, Pierce revealed his interest in testing free agency. Pierce understands his market value, and realistically, there are a few receiver-needy teams out there that may be willing to offer him a deal he can't refuse.

At the end of the day, the Colts need to figure out a price point that is fair for all parties involved. If they can negotiate Jones down to $40 million per year, that would be a realistic deal for a quarterback coming off a severe injury. That would also give the Colts some extra space to work with when it comes to Pierce.

The NFL's legal tampering period will open at noon on March 9.

This article first appeared on Indianapolis Colts on SI and was syndicated with permission.

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