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Report: Daniel Jones, Indianapolis Colts making progress on long-term deal

Grant Grubbs Profile Pictureby: Grant Grubbs03/10/26grant_grubbs_

Quarterback Daniel Jones and the Indianapolis Colts have made progress on a new long-term deal, per NFL insider Jordan Schultz. Jones started in all 13 of his appearances for the Colts last season before suffering a torn Achilles tendon in December.

Schultz initially reported that Jones and the Colts had agreed on a new contract, but he quickly deleted his tweet and stated the two parties are still negotiating. Earlier this week, Albert Breer reported that the Colts offered Jones a deal in the range of Sam Darnold’s three-year, $100.5 million contract, but Jones turned down the offer.

Jones is reportedly seeking a contract worth closer to $50 million per year. As of this report, 11 NFL quarterbacks earn more than $50 million annually.

On March 3, the Colts placed a transition tag on Jones. The transition tag would require the Colts to pay Jones $37.83 million in the upcoming season, approximately $6 million less than a franchise tag would cost the organization.

However, with the transition tag, Daniel Jones could sign an offer sheet with another team. The Colts would then have the opportunity to match the outside suitor’s offer. Jones played on a one-year, $14 million contract for the Colts last season.

In his 13 appearances, he completed 68% of his pass attempts for 3,101 yards and 19 touchdowns, compared to eight interceptions. Additionally, he recorded 164 yards and five scores in the ground game.

The Colts finished the 2025-26 campaign with an 8-9 record. The team 0-4 without Jones. Shane Steichen is entering his fourth season as Indianapolis’ head coach.

The organization is 25-26 during his tenure and hasn’t reached the NFL Playoffs. In February, Steichen showered his starting QB with praise.

“The way he works and the way he goes about his business and his preparation is phenomenal,” Steichen said. “And what he was able to do before the injury was awesome for us. Obviously, a very talented player, sees the game well, can get us in and out of the right plays, which was huge. We’re in talks now with him, and hopefully something will work out here soon.”

If the Colts were to move on from Jones, they have backups Riley Leonard and Anthony Richardson on their roster. It’s worth noting that the Colts gave Richardson permission to seek a trade in February.