Daniel Jones, Colts Reportedly Agree to $88M Contract after Transition Tag, Updated NFL Salary Cap

Daniel Jones and the Indianapolis Colts have reportedly agreed to a new contract after the team placed the transition tag on him earlier this offseason.

According to Tom Pelissero of NFL Network, Jones and the Colts reached an agreement on a two-year contract worth $88 million that includes over $60 million in guaranteed money. Per Pelissero, the contract can be worth up to $100M with incentives.

Per Spotrac, the Colts have $31.6 million in salary cap space after Jones’ deal.

Jones, who was released by the New York Giants during the 2024 campaign, signed with the Colts last offseason after spending the latter half of the previous season with the Minnesota Vikings.

The former sixth overall pick had to compete with Anthony Richardson for the starting role, but ultimately earned it before the beginning of the season. He quickly showed that he was the man for the job, leading Indianapolis to an outstanding 8-2 start.

Unfortunately for the Colts, they suffered a midseason collapse, losing their final seven games of the year. During that stretch, Jones suffered a season-ending torn Achilles injury.

Jones finished the year with 3,101 passing yards, 19 touchdowns and eight interceptions, adding 164 yards and five scores on the ground.

Despite the injury, Jones proved he was capable of leading the Colts to success, meaning the team was likely going to try to re-sign him in free agency. NFL Network’s Ian Rapoport and Pelissero reported after Indianapolis tagged him that the two sides planned to continue working towards a long-term deal.

Now the Colts have signed Jones to a new deal and they’ll look for him to comeback strong from his injury and pick back up where he left off.