The Colts just made one of the most interesting quarterback moves of the offseason.
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Indianapolis is placing the transition tag on Daniel Jones, locking the quarterback into a one-year deal worth $37.8 million while leaving the door open for other teams to make a run at him.
It is a rare move. In fact, the last time a quarterback received the transition tag was back in 1996 when the Falcons used it on Jeff George.
Here is how it works. Other teams can negotiate with Jones and offer him a contract. If that happens, the Colts get the chance to match it. If they decline, Jones walks and Indianapolis receives no compensation.
The #Colts are issuing the transition tag to QB Daniel Jones, sources say. It’s $37.8M.
It is the first time since 1996, when the #Falcons transition tagged Jeff George, that this was used on a QB. If Jones reaches a deal with another team, Indy can match. pic.twitter.com/9oPiHt3VIu
— Ian Rapoport (@RapSheet) March 3, 2026
So yes, this could still get interesting.
The Colts clearly want Jones back after his rollercoaster 2025 season. The former New York Giants first-round pick signed a one-year, $14 million deal with Indianapolis last spring and quickly helped spark a surprise 8-2 start.
Then everything flipped.
Jones suffered a season-ending Achilles injury in Week 14 against the Jaguars, and the Colts turned to a blast-from-the-past solution when Philip Rivers returned at age 44. Indianapolis finished 8-9 and missed the playoffs.
Before the injury, though, Jones looked rejuvenated after a rocky run in New York.
Now the Colts are betting that version of Jones returns. And they just put $37.8 million on it.
