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According to multiple league sources, the Indianapolis Colts are applying the transition tag, worth $37.83M dollars for the 2026 season, to pending free agent starting quarterback Daniel Jones, which gives the Horseshoe the ability to match any offer sheet Jones signs during the upcoming free agency period:
Before then, Indianapolis will continue to negotiate with Jones in the hopes of reaching a new multi-year deal.
Of course, with Jones occupying the Colts’ one available offseason tag, it means that lead wideout Alec Pierce, Indy’s other priority free agent, is set to become an unrestricted free agent—pending a new contract extension before noon on Monday.
Both sides reportedly continue to actively engage in negotiations. However, it’s no longer a slam dunk that Pierce will return than it otherwise would’ve been, had Indianapolis placed the franchise tag on him—instead of using the transition tag on Jones.
The Colts locking up Jones could go a long way toward Pierce inking a new deal with Indianapolis sooner rather than later, as the Horseshoe’s continued uncertainty at quarterback, with other teams still having the ability to poach Jones, reportedly is still weighing meaningfully on Pierce’s ongoing Colts’ contract talks.
While the NFL’s starting quarterback position is unquestionably the league’s most important position, it’s still a little surprising to me that this is the route that the Colts ultimately chose—especially with Jones still recovering from a season-ending torn Achilles injury suffered late during Week 14 of last season.
It’s not that Jones couldn’t be coveted elsewhere, as his former team, the Minnesota Vikings, are already a reported dark horse lurking in the shadows. It’s just that despite presumably commanding a lower annual average value on his next contract, Pierce’s upcoming free agent market—should he actually hit the open market, is expected to be more robust and prevalent, with a lot more interested external suitors.
Similarly to former Colts free agent defensive lineman Dayo Odeyingbo last free agency period, it only takes one illogical team to make a surprisingly high offer and potentially price out Indianapolis—except Pierce is a better player, and should command even more inflated free agency dollars during the period’s first frenzied wave.
The Colts have to continue to work so that they can lock up Pierce long-term before free agency formally begins.