Daniel

Jones

Steichen notes, though, that “the team will be cautious” with Jones. A little over two weeks ago, we learned that Jones was dropping back and throwing the football. It sounds like that process is going well, and his rehab continues. We do not yet know if he will be able to play early in the season. Colts QB Riley Leonard is penciled in as Jones’ backup. It is unclear whether QB Anthony Richardson will be allowed to compete for the No. 2 role. The Athletic’s James Boyd believes “questions still remain about his recovery from a right eye injury.”

It’s a positive sign for Jones four months removed from his Achilles tear, and it’s in line with general manager Chris Ballard’s April 20 assessment that Jones is “progressing really well” in his offseason recovery. Signing a massive contract extension with the Colts, Jones will be the team’s starter in 2026. Whether he misses a couple early season games depends on the speed of his recovery from the Achilles injury. With Anthony Richardson unlikely to be back with the team, Riley Leonard could function as Indy’s No. 2 quarterback behind Jones. Jones ranked sixth in drop back EPA before tearing his Achilles.

Ballard noted that Jones is throwing and moving while adding that Jones and the team are “shooting for Week 1" for him to be back on the field. Jones suffered his injury in Week 14 and is looking at a long road to recovery after undergoing surgery in December, but he remains optimistic that he can return in time for the start of the season based on how his rehab has gone thus far. His status will be one to watch as we get closer to camp, but if Jones can avoid landing on the PUP list when camp opens, then it would be safe to assume he’s trending toward a return for Week 1.

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.”