What decision should Colts make with QB Daniel Jones?

Colts have three options with Daniel Jones

There are, effectively, three options for Indianapolis now with Jones. Either the Colts can use their franchise tag on him, sign him to a long-term extension or move on and find another quarterback.

The franchise-tag window is currently open and will stay open through March 3 at 4:00 p.m. ET. The Colts have multiple players whom they could use it on, including Jones and wide receiver Alec Pierce. Most often, teams use a non-exclusive franchise tag. It amounts to a one-year, fully guaranteed salary. That salary is either the average of the top five salaries at their position over the last five seasons or 120 percent of their previous season's salary. 

For Jones, that projects to $47.3 million. Pierce would only be at $28.8 million. They could still sign with a new team, but Indianapolis would have the right to match or receive picks as compensation.

Exclusive tags are more expensive but don't allow for signing with another team. Then, a transition tag would be slightly cheaper, but it doesn't come with pick compensation if a player moves on.

The option to sign an extension with Jones is intriguing for Indianapolis as well. He had the offense looking like a playoff team. However, it's also risky to spend franchise quarterback prices on someone coming off an Achilles injury and with a mixed bag for a career overall.

At the same time, simply letting him walk is also a risk. Richardson is proving to be a bust. This isn't a strong QB draft class, and what are the odds you find another Jones in free agency?

What should Colts do?

The safe bet for the Colts is to use the non-exclusive franchise tag on Jones. That would effectively kick the can down the line, giving them time to see his recovery and whether or not they want to commit to a long-term contract with him.

Depending on that health, the Colts may be forced to sign another quarterback anyway. That would, hopefully, give them some depth going into the 2026 season. However, they would be able to do that without being completely in quarterback wilderness.

Regardless of what the Colts do, there is pressure to win next season. Shane Steichen is entering his fourth season as the head coach in Indianapolis with a 25-26 record overall and zero playoff appearances.