Colts, QB Daniel Jones Agree To Deal
The Colts will move Daniel Jones‘ transition tag off the books. The sides are in agreement on a two-year, $88MM extension, NFL insider Jordan Schultz reports.
It is the largest two-year contract in NFL history, Schultz adds, noting the deal could balloon to $100MM via incentives. The contract includes $50MM fully guaranteed and another $10MM guaranteed for injury, ESPN’s Adam Schefter reports.
The $50MM fully guaranteed far exceeds where the Seahawks went for Sam Darnold last year or where the Buccaneers closed with Baker Mayfield in 2024. The transition tag and a few recent Colts developments brought strong leverage for Jones, as he secured more guaranteed than either more accomplished QB despite only agreeing to a two-year deal.
We heard earlier today the Colts and Jones were moving toward a two-year contract. This is another monster deal for Jones, who played last season on a one-year, $14MM pact. Three years after Jones scored a win — via a four-year, $160MM deal — with the Giants, he cashes in after an injury-shortened Colts campaign.
In moving Jones’ $37.83MM transition tag off the books before the start of the 2026 league year (3pm CT today), the Colts will save considerable cap room. Jones will score a huge raise from his 2025 pay, and the two-year term length will allow for another prime-years bite at the apple — should Jones sustain his form this time around. The former No. 6 overall pick famously did not do so on his $40MM-AAV Giants accord, which Big Blue jettisoned during the second year of the contract.
The soon-to-be 29-year-old quarterback will see $50MM in Year 1, according to NFL.com’s Ian Rapoport. Jones had targeted a deal in the $50MM-per-year range; that ask was out of step with what the Colts desired. Indianapolis’ first offer was believed to come in near the Darnold range (three years, $100.5MM). But Jones, as he did with the Giants in 2023, again stood in commanding leverage position thanks to Indy trading two first-round picks for Sauce Gardner. The Colts had made no secret of their interest in re-signing Jones, and another player-friendly accord will emerge for the inconsistent QB as a result.
Each game the Colts win will result in a $500K bump for Jones, so long as he plays at least 50% of the team’s offensive snaps (per Rapoport). Notably, $10MM of Jones’ 2027 salary is guaranteed. That represents the injury guarantee, with Pro Football Talk’s Mike Florio noting that amount vests in March 2027. Jones received two fully guaranteed years from the Giants, but it took a four-year commitment to secure those terms. That March 2027 date gives the Colts a potential out in case Jones flops on a big-ticket deal again. Indy can escape the contract before that guarantee vests.
Jones certainly would have been the top free agent available, value-wise (an area where the QB has specialized), but the Colts were far apart on terms and did not leave it to chance by transition-tagging him. No team had unholstered a transition tag on a quarterback since 1996, with ex-Colts first-rounder Jeff George being cuffed by the Falcons. That relationship combusted months later, with Atlanta cutting the ex-Indianapolis bust after three games. The Colts will be hoping Jones can stop their QB carousel, one that helped strengthen the eighth-year veteran’s leverage.
The Colts have used eight different Week 1 starting quarterbacks over the past nine seasons. The carousel has defined Chris Ballard‘s GM tenure. Owner Carlie Irsay-Gordon brought back both Ballard and Shane Steichen for a fourth season, largely giving them a mulligan for Jones’ injury-shortened 2025 slate. While Jones was playing well in guiding the Colts to an 8-2 start, he now has a checkered medical sheet. Jones has missed time due to ACL and Achilles tears, along with multiple bouts of neck trouble. Before sustaining the Achilles tear last season, Jones was playing through a fractured fibula.
Jones’ struggles on his lucrative Giants deal moved Brian Daboll and GM Joe Schoen to the hot seat in New York, and while the QB has a chance to prolong Ballard and Steichen’s Indy tenures, their futures likely ride on this contract working out. Having Jones at $14MM represented a good value play for the Colts. With Alec Pierce now at $29MM per year and Jones on another player-friendly deal, will Indy be able to sustain its first-half form from last season?
The Duke product averaged more than eight yards per attempt for the first time last season, finishing at 8.1 with a career-best 68% completion rate. Jones posted a 19:8 TD-INT ratio and ranked eighth in QBR. The Colts were on a torrid pace, but they could not sustain it. The team going 8-4 with Jones available and 0-5 without him — though, Philip Rivers’ comeback was among the most memorable re-emergences in modern sports history — brought another negotiating point for the QB’s camp. The Vikings, who have not landed on their veteran QB option to compete with J.J. McCarthy, were also believed to be monitoring this situation.
Jones had turned down Minnesota despite receiving a better offer last year, correctly determining he had a better chance for a starting job in Indianapolis. While Anthony Richardson is still a Colt, he has been given permission to find a trade partner. Jones’ deal effectively ensures the former No. 4 overall pick will not be back.
Expected to be back for Week 1 after another round of rehab, Jones will not have Michael Pittman Jr. to target any longer. The Colts traded their $24MM-per-year receiver to the Steelers in a salary-dump move, as they now have Pierce on a WR1 deal. The team also traded Adonai Mitchell in the Gardner swap, leaving Pierce, Josh Downs and Tyler Warren as Jones’ top 2026 targets — as of now. The team also lost right tackle Braden Smith in free agency, though four O-line starters are returning to help Jones and All-Pro running back Jonathan Taylor.
Averaging 5.7 and 6.1 yards per attempt during the two seasons on his second Giants contract, Jones will face considerable pressure to stick the landing this time. Though, his Kirk Cousins-like negotiating savviness has removed any incentive on the financial side. Still, Jones playing well in Indy will position him for a lucrative extension or a 2028 free agency foray. The Colts will hope this pricey contract can bring an end to the post-Andrew Luck period of QB instability.
Colts Targeting Two-Year Daniel Jones Extension
More progress is coming out of Indianapolis. After reports revealed Daniel Jones and the Colts were progressing on a deal Tuesday, more momentum is forming Wednesday morning.
The Colts and Jones have made “significant progress” toward what would be a two-year extension, NFL.com’s Ian Rapoport and Tom Pelissero report. A deal could come together today. That would be a win for the Colts, who have a lofty transition tag figure ($37.83MM) clogging their cap sheet presently. They have around $30.95MM in space, but lowering Jones’ cap number would allow them to make more upgrades to their roster.
Indianapolis made a major commitment earlier this week in agreeing to re-sign wide receiver Alec Pierce to a four-year, $116MM contract. It appeared Pierce would test the market before his deal came together as the negotiating window opened Monday. But the four-year veteran’s desire to continue playing with Jones was among the reasons he decided to stay, according to Rapoport. As such, it is no surprise that the Colts are working diligently to get something done with Jones.
With Pierce’s help, Jones enjoyed a career year in 2025 before it ended with an Achilles tear in early December. The Colts bought relatively low on Jones, the former Giants starter and Vikings backup, in signing him to a one-year, $14MM contract last offseason. The 28-year-old rewarded them with personal-best marks in completion percentage (68.0), yards per attempt (8.1), passer rating (100.2) and QBR (63.0) over 13 games. The Colts went 8-5 in Jones’ starts and 0-4 under subs Philip Rivers and Riley Leonard.
Although the team missed the playoffs for a fifth straight year, general manager Chris Ballard is of the belief he finally has an answer at quarterback in Jones. Having traded his next two first-round picks to the Jets for cornerback Sauce Gardner last November, Ballard does not have an avenue to find a clear solution in the draft in the near future. Between that and an uninspiring class of free agent signal-callers, Jones has leverage in talks.
Jones also had leverage in talks when he inked a four-year, $160MM extension with the Giants in 2023. Had no deal come together, the Giants would have placed the franchise tag on Jones and allowed running back Saquon Barkley to reach free agency. The Jones agreement enabled them to tag Barkley, who wound up walking in free agency a year later. Meanwhile, signing Jones proved to be a mistake for the Giants.
Jones flamed out after securing a raise in New York, leading the team to waive him in November 2024. The Colts are not expecting a similar fate for Jones in their uniform. Judging by their desire to give Jones another sizable payday, they are confident his 2025 resurgence is sustainable.
Colts, Daniel Jones Making Progress
The first quarterback to be transition-tagged since the Falcons cuffed ex-Colt Jeff George in 1996, Daniel Jones and Indianapolis began this process with considerable ground to cover. The Colts’ initial offer did not come close to Jones’ asking price.
Indianapolis made an offer in the Sam Darnold ballpark, according to Sports Illustrated’s Albert Breer, who confirms the team proposed an extension around the three-year, $100.5MM the Seahawks gave Darnold last year. Jones’ camp balked, citing the leverage a franchise tag would have provided and countered with an offer in another salary bracket.
A rather tough negotiator in 2023 with the Giants, Jones viewed his price closer to $50MM per year, Breer adds. This reminds of when the quarterback sought a deal north of $45MM per year back in 2023, when the $50MM-AAV club was not yet in place. The Giants settled on a four-year, $160MM pact that backfired quickly. Somehow, after an ACL tear, more neck trouble, a fibula fracture and an Achilles tear, Jones has moved into strong leverage position again. That led to the Colts transition-tagging their 2025 starter at last week’s deadline.
Given a one-year, $14MM deal in 2025, Jones is now tied to a $37.83MM tag. That number does give the veteran quarterback some leverage, as does the Colts having traded their 2026 and ’27 first-rounders for Sauce Gardner. It appears Jones, who was prioritized over Saquon Barkley three years ago, is not intent on a team-friendly deal here.
That said, veteran insider Jordan Schultz notes progress has been made since team and player were far apart. No extension has been reached, but it would certainly help the Colts — by reducing Jones’ cap figure — to complete one. Indy was able to retain Alec Pierce on a four-year, $116MM deal. But the team essentially gave away longtime No. 1 wideout Michael Pittman Jr. — whom Pierce arguably usurped atop the Colts’ pass-game hierarchy last season — in a pick-swap trade with the Steelers to create necessary cap space. Were Jones not on the transition tag, Indianapolis would be less restricted.
The Colts have not exactly kept their cards close to the vest; they are fairly committed to retaining Jones for a second season. Despite the 28-year-old passer going through another offseason of rehab, he is expected to be Indy’s 2026 starter. The Vikings, Jones’ brief employer late in the 2024 season, were believed to be monitoring this situation. But the prospect of Kyler Murray on a vet-minimum deal has emerged. That would be far less costly for Minnesota, though the Vikes out-offered the Colts for Jones in 2025. Jones chose Indy because he deemed Anthony Richardson as a less imposing hurdle to a starting job than J.J. McCarthy.
Indianapolis still holds more than $23MM in cap space as of Tuesday afternoon, but the team could make more roster improvements if Jones’ transition tag turns into a lower cap number on an extension during free agency. The clock is ticking there, and Jones’ camp may continue to exert leverage. It worked pretty well, contract-wise, when he proceeded that way with the Giants.
Colts WR Alec Pierce To Test Free Agency?
MARCH 4: Pierce sounds ready to hit the open market. As a guest on Up & Adams on Wednesday, Pierce told Kay Adams: “I love Indy… but at this point, I’ve kind of earned the right to explore free agency. See what’s out there.”
MARCH 3: The countdown to the franchise tag deadline continues, and the Colts face a critical decision. Both Daniel Jones and Alec Pierce are pending free agents at the moment, and teams can only use one tag in a given offseason.
Working out an long-term deal with at least one of the two would of course create a more straightforward decision for GM Chris Ballard and Co. Talks with Jones and Pierce have taken place, and deadlines have been known to result in contract agreements around the NFL. That could be the case for Indianapolis.
ESPN’s Stephen Holder reports there has been “positive movement” over the past 24 hours with respect to negotiations with Pierce. An agreement this afternoon “feels possible,” he adds. Of course, nothing has been finalized yet and the Colts need to keep in mind Jones’ situation. A transition tag could be in store in his case, something which would lead to a reduced one-year cost at the quarterback position. That would also, however, leave the door open to Pierce departing in free agency.
While playing out his rookie contract, the wideout established himself as more than a deep threat. Pierce’s overall skillset has drawn strong reviews, and at the age of 26 (as of May), he is in line to serve as a highly productive wideout for years to come. Pierce will not have a hard time lining up suitors in the event he reaches the open market. Indianapolis could prevent such a scenario with a long-term accord or – if the team leaves Jones’ future uncertain – the franchise tag.
A tag in Pierce’s case would cost $27.3MM, the amount George Pickens is due to earn from the Cowboys unless a new deal is worked out. That figure would be fully guaranteed and mark a massive raise compared to Pierce’s earnings on his rookie deal. A multiyear pact would accomplish the same feat while leaving the Colts free to tag Jones. Albert Breer of Sports Illutrated notes the 1,000-yard wideout is understandably seeking clarity on the team’s quarterback situation before committing to a big-ticket contract.
Pierce commanding a $25MM-per-year salary should be considered in play, Breer adds. The 1,000-yard receiver could score a deal, as this market’s top receiver, near $30MM AAV. Only eight receivers are tied to $30MM-per-year prices, and that number will fall to seven if/once the 49ers release Brandon Aiyuk. None of the $30MM-plus-AAV wideouts hit free agency to secure those terms, with extensions leading to those deals in each case.
Jones impressed when healthy in 2025, his debut Colts campaign. The former Giant and Viking suffered an Achilles tear, however, something which complicates his market value. Even so, Jonathan Jones of CBS Sports states (video link) Indianapolis’ choice at this point is realistically down to using the franchise or transition tag to ensure stability under center. That approach will be especially viable if Pierce agrees to a new deal, and it will be worth watching closely to see if an agreement can be reached ahead of the 3:00pm tag deadline.
Colts Place Transition Tag On Daniel Jones
To no surprise, Colts pending free agent quarterback Daniel Jones will not reach the open market unfettered. The Colts are placing the $37.833MM transition tag on Jones, Tom Pelissero of NFL Network was among those to report.
This has been the expected outcome for at least a few days, though it will prevent the Colts from placing either the franchise or transition tag on pending free agent wide receiver Alec Pierce. Teams are only allowed to tag one player. The Colts and Pierce are progressing toward a multiyear deal. Indianapolis will have exclusive negotiating rights with Pierce until the legal tampering period opens March 9.
The 28-year-old Jones follows Jeff George (Falcons, 1996) as the second quarterback to receive the transition tag since the NFL introduced it in 1993. Unlike the franchise tag, a team that loses a transition player to an offer sheet is not entitled to any compensation. The Colts still have the right to match any offer that may come in, though, and they have until July 15 to continue working toward a multiyear agreement.
Jones, whom the Giants drafted sixth overall in 2019, has already signed one massive contract in his career. With the Giants of the belief Jones was a franchise QB, they inked him to a four-year, $160MM extension in March 2023. That wound up a regrettable decision for New York, which waived a struggling Jones in November 2024. He quickly joined the Vikings’ practice squad, but with Sam Darnold their starter then, Jones saw no game action.
The Vikings allowed Darnold to leave for Seattle in free agency last March. Jones exited for Indianapolis’ $14MM payday, but not before he turned down a richer offer from Minnesota. He believed he had a better path to playing time with the Colts than the Vikings, who were prepared to hand the reins to 2024 first-rounder J.J. McCarthy. The Colts also have a recent first-round QB in Anthony Richardson, though his stock has dropped considerably since he went fourth in the 2023 draft. Jones had little trouble beating out Richardson to become the Colts’ starter entering last season.
While expectations were low for the Jones-led Colts at the outset of the season, they stormed to a 7-2 start before the Nov. 4 trade deadline. Jones looked like a far better player than the one who regularly underwhelmed with the Giants. With the Colts in contention for the No. 1 seed in the AFC at the time, general manager Chris Ballard traded his 2026 and ’27 first-round picks to the Jets for star cornerback Sauce Gardner. The gamble blew up in Ballard’s face during an injury-ravaged second half for the Colts.
Gardner, No. 2 corner Charvarius Ward and defensive tackle DeForest Buckner all missed significant time down the stretch. Worst of all, Jones tore his Achilles in a Week 14 loss to the AFC South rival Jaguars. That proved to be a fatal blow for the Colts, who lost their third straight game that day and did not win again.
Bringing 44-year-old Philip Rivers out of retirement to help cover for season-ending injuries to Jones and Richardson (orbital fracture) did not stop the bleeding for the Colts. Once 8-2, they closed the year on a seven-game skid and finished 8-9 for the second season in a row. Owner Carlie Irsay-Gordon nonetheless retained Ballard and head coach Shane Steichen.
Although Jones is just three months removed from a serious injury, the Colts are optimistic enough about his recovery to risk a $37.833MM guarantee for next season. Richardson, who has requested a trade, and 2025 sixth-round pick Riley Leonard are the only other passers on the Colts’ roster. There is still at least some chance the Colts will lose Jones (the Vikings are reportedly interested in a reunion), which will continue to make this an interesting situation to watch.
Colts, Daniel Jones Still Discussing Deal; Vikings ‘Closely Monitoring’ QB
As the clock ticks toward Tuesday’s 3 p.m. CT tag deadline, the Colts and pending free agent quarterback Daniel Jones are continuing to negotiate a long-term contract, Jonathan Jones of CBS Sports reports. If an agreement doesn’t come together by then, Indianapolis is expected to place either the $43.39MM franchise or $37.8MM transition tag on Jones.
As of Sunday, the Colts and Jones were not close to reaching a deal. The team is reportedly leaning toward using the transition tag on Jones. Taking the less expensive route may give the Colts a better chance to retain their other top pending free agent, wide receiver Alec Pierce. However, they would be at far greater risk of losing Jones.
The Colts would have up to five days to match an offer for Jones, but if they passed on doing so, the signing team would not have to give up any draft compensation. Jones would be able to take offers all the way up to the third week in July. With most offseason business long over by then, It would likely be a catastrophic outcome for the Colts to lose him that late.
In all likelihood, nobody will tender an offer to Jones if the Colts go the franchise route. Doing so would force a team to part with two first-round picks for a quarterback who has been inconsistent throughout his seven-year career. If that isn’t prohibitive enough, Jones is recovering from a December Achilles tear. The former Giants first-rounder enjoyed his best season before then, but the injury dinged his stock.
Four days after the Giants waived Jones in November 2024, the Vikings added him to their practice squad. Jones finished the season with the Vikings, but he did not see any game action. Sam Darnold, who revived his career that season, was the Vikings’ starter during a 14-win outburst. Although Jones was down on the depth chart, he and Vikings head coach Kevin O’Connell developed a “mutual respect” during their short time together, according to Jonathan Jones.
Darnold and Jones became free agents the next offseason. Even though Darnold led the Vikings to a playoff berth, they had 2024 first-rounder J.J. McCarthy waiting in the wings. Re-signing Jones was reportedly a higher priority for the Vikings than keeping Darnold, but they wound up losing both signal-callers.
Jones turned down a better offer from Minnesota to sign with Indianapolis for $14MM. He saw an easier path to playing time in Indianapolis, where only disappointing 2023 first-rounder Anthony Richardson stood in his way. It was a good decision by Jones, who beat out the injury-prone and inaccurate Richardson for the starting job. Richardson requested a trade last month, though he has not encountered a strong market.
Meanwhile, McCarthy dealt with his own injuries and performance issues in a 10-game first season as a starter. The Vikings went 9-8 and missed the playoffs. The team has not given up on McCarthy, but it will consider other options as it attempts to rebound in 2026. There is at least a small chance of a reunion with Jones.
The Vikings are “closely monitoring” his situation in Indianapolis, per Jonathan Jones. They could pounce if the Colts don’t place a tag on the QB, Jonathan Jones adds. However, it is unlikely Daniel Jones will reach the market unfettered. If he does, the Vikings would have to win a bidding war. It would be an especially difficult task for a team that is a projected $45.51MM over the salary cap as of now.
Colts Prepared To Use Transition Tag On QB Daniel Jones; Latest On WR Alec Pierce
The Colts are known to be working on new deals for QB Daniel Jones and WR Alec Pierce, both of whom are eligible for free agency this month. While it is unclear how much of a gap Indianapolis and Pierce have to bridge, ESPN’s Dan Graziano reports the team is not close to striking an accord with Jones.
If that does not change by Tuesday’s tag deadline, Graziano expects the Colts to put the transition tag on the 28-year-old passer. The transition tag comes with a $37.8MM cost, making it a less expensive option than the $43.9MM franchise tender.
In a transition tag scenario, Indianapolis would not be entitled to any draft compensation if it declines to match an offer sheet Jones might sign with another club, though it is easy to see the logic in the move: the Colts essentially would be allowing another team to do their negotiating for them, and if Jones does not find an outside offer to his liking, he may come back to Indy on a deal closer to the team’s preferred terms. If not, and if he plays out the 2026 season on the transition tag, then at least he will not consume as much of the cap sheet as he would on the franchise tag.
But while the transition tag is the cheapest of the tag options, the $37.8MM cap charge is still considerable. As Graziano suggests, it could preclude the Colts from reaching a deal with Pierce, despite their assurances that he will be back with the club in 2026, either on a long-term deal or a tag of his own. If the team has to use a tag this offseason, it would obviously prefer to use it on Pierce, whose franchise tender would be about $27MM and whose transition tender would be just shy of $24MM.
Those numbers are roughly in line with what Pierce can expect on an annual basis on his next contract. We recently learned the big-play threat, who has led the league in yards-per-reception rate in each of the last two seasons, is expected to have a strong market if he makes it to free agency. In the Graziano piece linked above, ESPN’s Jeremy Fowler confirms Pierce’s market value has exceeded $20MM per year.
The fractured fibula and torn Achilles that Jones suffered in Week 13, which ended his season prematurely and which was the driving force in the Colts’ second-half collapse that kept them out of the playoffs, are not expected to impact his 2026 availability. Still, his injury history and the fact that his stellar (and surprising) play to open the 2025 campaign had already started to slip prior to the injuries could make it difficult for player and team to find common ground on a long-term pact.
QB-Needy Teams Have Options Through Draft, Free Agency
It’s really not a surprise at this point in time, but reports indicate that Indiana quarterback Fernando Mendoza getting drafted No. 1 overall by the Raiders is all but a sure thing. Mendoza cemented himself as the likely first overall pick even before the Hoosiers’ championship run through the College Football Playoff secured his Heisman win, and as soon as Las Vegas secured the top pick in the draft, Mendoza’s move to Nevada became a near certainty. 
Nothing is ever 100% sure, though, and there is always a possibility that the Raiders look at next year’s wide crop of quarterback prospects and an historic trade offer for the No. 1 overall pick and choose that route.
Overwhelmingly, though, pundits across the media spectrum believe that Vegas will retain their top overall pick and make things official with Mendoza. During an appearance on The Herd with Colin Cowherd, Sports Illustrated’s Albert Breer dropped a number of quotes, saying, “I would be stunned if (Mendoza) didn’t go No. 1, right? I think it’s highly unlikely he goes anywhere but Vegas.”
Over at ESPN, a crew of reporters polled several NFL executives on the topic at the Senior Bowl, Shrine Bowl, and Super Bowl, and eight executives believed the Raiders would keep the pick, while no votes were tallied against that possibility. Separately, ESPN’s Rich Cimini asked Jets general manager Darren Mougey about the possibility of reaching out to Vegas to inquire about moving up, and he stated pretty plainly, “I don’t think that’s happening.” Courtney Cronin, another ESPN contributor, added to the crowd yesterday with a piece on Mendoza’s meeting with the Raiders and his excitement at the prospect of potentially being mentored by minority team owner Tom Brady.
Now, for teams with a need at quarterback not located in Sin City, the other obvious solutions are to go after one of the top free agent quarterbacks available — namely, Green Bay’s Malik Willis or Indianapolis’ Daniel Jones — or attempt to trade for San Francisco’s Mac Jones. After impressive 2025 contributions, both Joneses are expected to stay home, though, and only one team will get to claim Willis as a solution, but there is still a solvable equation for the teams that remain.
According to Ian Rapoport of NFL Network, the teams that are still looking to acquire a passer after the above dust settles will be able to look toward either the litany of veteran quarterbacks with starting experience available for cheap or the numerous rookie passers who may be worth taking a flyer on or some combination of both.
Rapoport points to several veteran former starters who are thought to be release candidates and who may, in the same vein as Russell Wilson, be able to play for the veteran minimum, thanks to the added security of guaranteed money from the teams who may let them go. This situation would apply to players like Kirk Cousins, Kyler Murray, Tua Tagovailoa, Justin Fields, and Geno Smith.
Teams can sign one of these quarterbacks to audition for a Jones-like comeback opportunity then pair them with a young, rookie option that may be available later on in the 2026 NFL Draft. After Mendoza, Alabama’s Ty Simpson has drawn some first-round interest, but there is a perceived drop off in the arms that follow. The next names on the list — LSU’s Garrett Nussmeier, Miami’s Carson Beck, Penn State’s Drew Allar, etc. — could fall anywhere in the draft.
Some see 2026 much like the 2022 NFL Draft, in which Kenny Pickett was the only Day 1 quarterback, and the next passer was taken in the third round. Others believe 2026 could be more like 2018 or 2024, when two passers were widely viewed as first-round talents but several others drifted into the first round based on the number of teams looking for answers at the position.
With many already looking forward to the quarterback prospects of the 2027 NFL Draft, we may see multiple teams opt to employ the services of a veteran starter alone or combined with a promising rookie. These decisions will play out over the next few weeks as the veterans hit free agency after release and draft grades are determined for rookies, but there are several options available to teams looking for quarterback help for 2026.
WR Alec Pierce Expected To Have Strong Market
Colts wide receiver Alec Pierce is expected to draw heavy interest in free agency with several teams already interested in signing him.
In fact, Pierce is expected to receive more interest – though not a bigger contract – than fellow Colts pending free agent Daniel Jones, per ESPN’s Stephen Holder. The veteran quarterback has an uncertain outlook for the 2026 season as he recovers from a torn Achilles, but the Colts see him as their long-term starter. Other teams may be less certain, especially with a number of quarterbacks – including Anthony Richardson – also coming available this offseason.
The wide receiver market is less crowded. With the Cowboys using the franchise tag on George Pickens, Pierce will be the most valuable one available. The Colts might be more justified using the franchise or transition tag on him rather than Jones.
The transition tag, projected by OverTheCap to be $25MM, certainly makes sense. It is easy to see Pierce reaching that AAV on the open market. He is an excellent deep threat, having led the league in yards per catch in the last two years, and rounded out his game in 2025. He is also just 25 years old and clearly has the potential to grow further.
However, the tag would take up a significant portion of the Colts’ current salary cap space. They would have to make more room via restructures and cuts, though there are several candidates. Agreeing to an extension with Pierce would reduce his cap hit, but the transition tag would give him a chance to test his market.
The franchise tag, however, would likely keep Pierce in Indianapolis. Other clubs are unlikely to be willing to move two first-round picks and hand him a contract the Colts would not match. The franchise tag is projected to be $28.8MM, which would raise the floor in extension negotiations. But if Pierce’s value is approaching that figure anyway, Indianapolis may be best served by keeping him off the market.
Using a tag on Pierce would take it out of play for Jones and increase pressure on the Colts to get a deal done with the latter before free agency.
Colts Working On Re-Signing Daniel Jones, Alec Pierce; Franchise Tag In Play
FEBRUARY 24: Colts general manager Chris Ballard said at the Combine (via Chappell) that the team was planning to retain both Jones and Pierce. He added that “both sides are driven to get it done,” and characterized the ongoing negotiations as “very positive.”
Ballard also acknowledged the possibility of using the franchise tag on one of the two players, saying “it’s not what we want to do, but it’s a tool we have.”
FEBRUARY 23: The Colts were one of the biggest stories in the NFL in 2025, for reasons good and bad.
The good was a surprising 8-2 start anchored by an even more surprising player: quarterback Daniel Jones. The bad was an 0-7 finish to the year, which included Jones’ fractured fibula and torn Achilles in Week 13 and Philip Rivers‘ dramatic return to the NFL as his replacement.
The Colts had vastly different strengths of schedule during the two halves of their season, with a relatively easy slate to start and a murderer’s row of opponents down the stretch. That, combined with Jones’ injury, makes it hard to know if the current iteration of the team can compete in 2026.
The Colts seem to think so. They are pursuing extensions with Jones and wide receiver Alec Pierce, per NFL Network’s Tom Pelissero. Both are slated to hit free agency in March after breakout years in Indianapolis.
Jones, 28, did not just put up the best numbers of his career in 2025. He finished the year ranked among the NFL’s top 10 quarterbacks in yards per attempt, yards per game, completion percentage, passer rating, and total QBR. He also led three game-winning drives and three fourth-quarter comebacks in just 13 starts.
The seven-year veteran’s play started to slip before his injuries, which are not expected to sideline him into the 2026 season. But his injury history is a concern, and he did not get the chance to prove himself against many top defenses.
That makes Jones’ valuation a little tricky, but somewhere in the region of $35MM would make sense. Fellow 2018 first-round reclamation projects Sam Darnold and Baker Mayfield signed for similar amounts after re-establishing themselves as starting-caliber QBs. Jones and the Colts have mutual interest in reaching a deal, according to Pelissero.
Pierce, 25, posted career-highs of 47 receptions and 1,003 receiving yards. He also led the NFL in yards per reception for a second year in a row. With George Pickens likely to be tagged by the Cowboys, Pierce could be the top wideout available in free agency. The Colts will try to lock him up before he hits the open market, but that may require an offer well over $20MM per year.
Discussions with both players “have been good” thus far, per FOX 59’s Mike Chappell, with negotiations expected to continue at the Combine in Indianapolis this week.
A franchise or transition tag is an option for Jones or Pierce (though not both), per Pelissero, though the latter makes far more sense for their valuations. A transition tag for Jones would cost $40.8MM, while Pierce’s would cost $25MM. However, those numbers would be on the high-end for a potential long-term deal and the tagged player would be able to negotiate with other teams.
The Colts are currently projected to have $35.7MM in cap space in 2026, per OverTheCap, with ways to create upwards of $50MM more. The team could afford to extend both players, or extend one and tag the other while still having room to address other needs in free agency.