Despite a disappointing loss to the Chiefs in Week 12, this season has been a success for the Colts. They’re 8-3, atop the AFC South, and in the mix for the No. 1 seed in the conference. An offense that ranks first in the NFL in scoring and second in yardage has been among the primary reasons for the Colts’ resurgence.
The offseason signing of former Giants and Vikings quarterback Daniel Jones has worked out brilliantly for the Colts. They bought low on Jones, giving him a one-year, $14MM guarantee. The 28-year-old has rewarded the Colts with a career-best campaign.
Once again a pending free agent, Jones is now a candidate to cash in on a much larger contract in the coming months. It’s already known the Colts plan to make Jones a long-term offer. Talks are not expected to start until the offseason, though, according to Dianna Russini of The Athletic and Jonathan Jones of CBS Sports.
It’s a similar situation with running back Jonathan Taylor, per Jonathan Jones, who writes that “it’s crickets when it comes to money talks” with Taylor and his QB. The Colts aren’t in immediate danger of losing Taylor, who’s vying for a rare MVP win for a running back. Taylor’s under wraps through 2026 on the three-year, $42MM extension he signed in October 2023.
At the time of signing, Taylor ranked third among RBs in average annual value and fourth in fully guaranteed money ($19.35MM). He’s now fourth in AAV and sixth in full guarantees.
If the Colts and Taylor pursue a new pact during the offseason, he could accompany the Eagles’ Saquon Barkley in the vicinity of $20MM per year. Barkley leads the position in AAV ($20.6MM) and full guarantees ($36MM) after securing a two-year, $41.2MM extension last March. The soon-to-be 27-year-old Taylor, a two-time Pro Bowler, may push for a similar payday off what has been a spectacular season and overall run in Indianapolis.
While a fresh deal for Taylor should put him near the top of the league at his position, there’s still skepticism toward Jones after he flamed out on a big contract with the Giants. They handed Jones a four-year, $160MM extension in March 2023, only to waive him last November.
Jones has cooled off since a hot start to the season, and he has particularly struggled when defenses have pressured him in recent weeks, Joel A. Erickson of the Indianapolis Star details. The Colts’ coaches are still confident in him, though, according to Erickson.
The approach the Colts’ Chris Ballard-led front office takes on a potential Jones deal could be “heavily dependent” on how he and the team finish 2025, Jonathan Jones writes. The Colts took a home run swing before the Nov. 4 trade deadline in sending two first-round picks and wide receiver Adonai Mitchell to the Jets for cornerback Sauce Gardner. Knowing Indianapolis won’t be able to spend a first-rounder on a QB in the near future could give Jones leverage in contract talks after the season.
For their part, the Colts don’t necessarily have to make a multiyear commitment. Placing the $46.1MM franchise tag on Jones would be costly, but it’s an option that would give the Colts another year to evaluate him without locking in for the long haul, James Boyd of The Athletic notes.
Jones’ future will continue serving as an interesting storyline heading into the offseason. In the meantime, he and the Colts will face a brutal season-ending schedule consisting of all playoff contenders. Four of their last six games are against division rivals Houston and Jacksonville. If Jones can help fend them off en route to the Colts’ first division title since 2014, a second nine-figure contract could be within reach.