Colts' Daniel Jones, Alec Pierce gambles pay off after latest deal

By using the transition tag to retain the rights to quarterback Daniel Jones for the 2026 season, Indianapolis Colts general manager Chris Ballard risked losing both Jones and wide receiver Alec Pierce to other clubs at the start of the new league year at 4 p.m. ET on Wednesday afternoon. 

Instead, Ballard was able to work out agreements with the two key figures of the Indianapolis offense. 

What Daniel Jones received from Colts

Late Wednesday morning, NFL Network insider Tom Pelissero and others reported that the Colts and Jones are finalizing a two-year, $88M deal that could be worth up to $100M with incentives. According to Pelissero and fellow insider Ian Rapoport, Jones' contract includes over $60M guaranteed.

Per the terms of the transition tag, Jones was on track to earn a fully guaranteed $37.83M for the 2026 season. Earlier this week, it was reported that Indianapolis had offered Jones a three-year deal worth around $100.5M. Thus, both sides have reasons to feel good about how they've extended their working relationship. 

Jones largely played like a long-term franchise quarterback as he went 8-2 as Indianapolis' starter after he signed a one-year contract with the club last offseason. However, he began dealing with a reported fibula injury in Week 12 of the campaign, and he then suffered a season-ending torn Achilles tendon on Dec. 7, 2025. 

Earlier this week, the Colts and Pierce agreed to a four-year, $116M contract. Ballard has since received criticism from some executives regarding what he was willing to spend on Jones and Pierce, but those two could prove to be bargains for Indianapolis if they help the club end a playoff drought that's currently five years old. 

Does Daniel Jones' contract give a hint of when he could return?

One understandably may wonder if the money attached to Jones' contract indicates that Ballard believes the 28-year-old could be back in the lineup for the 2026 regular-season opener. According to ESPN's Adam Schefter, Jones "is expected to be ready for the start of the regular season." Additionally, "one source told Schefter he 'absolutely' expects [Jones] to be ready for training camp."

For now, backup Riley Leonard would serve as the Colts' QB1 if they had to play a game this coming weekend. It's unclear if Indianapolis could search for a different potential Week 1 starter at some point after the new league year begins.