Report: Colts nearing 2-year deal with QB Daniel Jones

The Indianapolis Colts and quarterback Daniel Jones have made "significant progress" on a two-year extension and could finalize the deal Wednesday, NFL Network reported.

The two sides reportedly have been working diligently since the Colts placed the transition tag on the 28-year-old veteran earlier this month.

That move guaranteed Jones $37.833 million for the 2026 season. The transition tag allows Jones to negotiate with other teams, but the Colts can match any offers from other clubs.

Jones is recovering from a torn Achilles after starting 13 games for the Colts in 2025 and passing for 3,101 yards with 19 touchdowns and eight interceptions for a 100.2 passer rating. He also rushed for five touchdowns.

Indianapolis is expected to trade or release quarterback Anthony Richardson, the No. 4 overall pick in the 2023 NFL Draft.

Jones, the No. 6 overall pick in 2019, is 24-44-1 as a starter with the New York Giants (2019-24) and Colts. He has thrown for 17,683 yards with 89 touchdowns and 55 interceptions and rushed for 2,343 yards and 20 scores.