Daniel

Jones

Richardson, a former first-round draft pick who has flamed out in three seasons with Indy, has been linked to other teams this offseason, including the Packers, who lost backup QB Malik Willis to the Dolphins in free agency. Ballard on Monday said there’s still a chance Richardson stays with the Colts in 2026. “There’s definitely a scenario there. He’s a good dude and he’s talented. I mean, I still want good for Anthony, man,” Ballard said. “I still think he’s got a lot in him. He’s had some freaking bad luck, but I still think Anthony has got a lot of ability and he’s maturing and growing. He’s still young.” The most inaccurate passer in the NFL since entering the league in 2023, Richardson, 23, has struggled with various injuries, including a severe eye injury suffered in a freak training accident last season. ESPN’s Stephen Holder said Richardson could be seen as expendable since Riley Leonard is “now seen as a viable No. 2 quarterback” following his late-season performance in 2025.

It can pay him up to $100 million. Negotiating off the transition tag, this honestly isn’t a big bump for Jones. It sounds like a lot of money because of how quickly the cap has gone up, but it puts Jones 12th among starters if he hits his incentives and 17th if he doesn’t, pending restructures for players like Matthew Stafford and cuts ahead of him for Kyler Murray. Jones enters the offseason as Indianapolis’ QB1, but rehabbing a late-season torn Achilles that will make his status for Week 1 shaky. Adam Schefter reports he’s expected to be ready to play Week 1 and may even be available in training camp, but we’re skeptical of that. Jones is best treated as a mid-range superflex QB2 in fantasy while we wait to see if he’ll be able to run full speed again.

A two-year extension for Jones, per Rapoport, could be done as soon as Wednesday. The team used the transition tag on Jones, who late last season tore his Achilles tendon. Though Jones reportedly wants around $50 million per year in a new deal, it seems unlikely he’ll get that much considering the nature of last year’s injury and his poor play over his final five games. Even if Jones is able to suit up for Week 1, he probably won’t be back to 100 percent health until later this season or sometime into 2027.

It’s “based on the leverage a franchise tag would have given him,” but for a quarterback with Jones’ career line to ask for this much money while rehabbing a torn Achilles is ... bold. The Colts and Jones obviously seem to want each other, but that was such a big gap in negotiations that Indy simply transition tagged him. Breer believes the team and Jones are still negotiating, and perhaps the transition tag will motivate them to get something more reasonable done. Since Alec Pierce’s negotiations appear to depend on being certain Jones will be back, it would certainly behoove the Colts to put forth good faith offers in a hurry.

This gives Indianapolis the “right of first refusal” in negotiations with Jones, it’s the first time a transition tag has been issued to a quarterback since Jeff George. This tag means the Colts cannot tag Alec Pierce, so the wideout could hit free agency if a deal isn’t worked out. For Jones, this is a continuation of a legendary career of bag-getting, earning at least $37.8 million despite suffering a late-season torn Achilles that threatens his early-season availability. It’s hard to understand why the Colts went this route against the field when Jones’ career doesn’t really stand out in any way outside of his two-month span at the start of the season, but the simplest way to put it may be that the honeymoon never ended. Jones could sign an offer sheet with another club if another club wants to do so.

This is the difference between the franchise tag and the transition tag for the Colts, as the transition tag would still allow other teams to talk to Jones and perhaps make him an offer the Colts couldn’t match. The Vikings reportedly were willing to offer Jones the same contract he got from the Colts last offseason, so it would be no surprise that they’d be one of his biggest suitors if he were available again. We’re anticipating a tag to come down for Jones in the next few hours, but until then, this remains newsworthy.

“A deal feels possible. But long way to go,” Holder concludes. Pierce would be likely to get over $30 million a year if he hit free agency, and with Daniel Jones now appearing to shift to the main target of a Colts tag, it’s imperative that Indianapolis doesn’t let Pierce get past the franchise tag deadline today without a deal. We see no reason for Pierce to not explore free agency, but sometimes players opt for certainty. Holder categorizes Jones’ situation as “also fluid.”

It was reported after the combine by ESPN’s Dan Graziano that Jones and the Colts don’t “sound close” on a deal. On Monday, Schefter, like Graziano, added that the “transition tag is in play” if Jones and the Colts don’t get a deal done. The transition tag would allow Jones, who is coming back from a torn Achilles he suffered in Week 14, to negotiate a new deal with other teams while giving the Colts the right of first refusal to match any offer that comes his way. Jones’ injury is likely throwing a wrench in negotiations after he greatly exceeded expectations on a one-year prove-it deal in 2025. We would ultimately expect Jones to remain with the Colts for next season, but it’s possible a new deal takes a bit longer to hammer out.

Graziano floats the idea of the Colts using the transition tag on Jones — we’d be a little surprised if they did that because it seems like they’ll need to franchise tag Alec Pierce to keep him off the open market. There are two classic mistakes that are made all the time — never fight a land war in Asia, and never try to negotiate a contract with Daniel Jones off a good season. If Jones hits the open market, he’d have a fascinating free agency coming off a torn Achilles late in the season.

We last heard that the two sides planned to speak soon. Now, as we prepare for combine week in Indianapolis, Pelissero reports the two sides have begun discussions and that a multi-year deal is on the table. There’s mutual interest on both sides to get a deal done, but Pelissero said any hold up in a deal will likely center around a number that “makes sense” for a multi-year deal. Jones suffered a leg injury late in the season that was followed by a torn Achilles in Week 14. Prior to going down, Jones was playing some of the best ball of his career, throwing for 3101-19-8 while completing 68.0 percent of his passes. If they are unable to reach a deal before the franchise tag deadline, it’s possible the Colts will tag Jones to buy themselves more time to get a deal in place.