The Indianapolis Colts and quarterback Daniel Jones reached agreement Wednesday on a two-year, $88 million contract that can be worth up to $100 million, agents Brian Murphy and Andrew Kessler told ESPN’s Adam Schefter.
Jones gets $50 million fully guaranteed at signing, while $60 million is guaranteed for injury, the agents told Schefter.
Jones, recovering from a torn Achilles, is expected to be ready for the start of the regular season, and one source told Schefter he “absolutely” expects him to be ready for training camp.
The Colts had placed the rarely used transition tag on Jones before the March 3 deadline. That allowed the Colts to match any offer sheet he might have signed. If he had played on the tender, he would have been paid $37.833 million this season.
That decision allowed top wide receiver Alec Pierce to test free agency, but the Colts were able to re-sign him to a four-year, $116 million contract at the start of the free agent negotiating period. They then traded wide receiver Michael Pittman Jr. to the Pittsburgh Steelers, saving $24 million against the salary cap.
Even though negotiations dragged on and the sides were far apart as recently as last week, according to sources, the Colts never considered another quarterback option. Internally, team officials decided months ago that moving forward with Jones — despite his injury — was going to be the cornerstone of their offseason plan.
Jones, 28, had a breakthrough season for the Colts in 2025 before sustaining his season-ending Achilles tear in December, orchestrating an offense that was flirting with franchise records through the first half of the season.
After signing with the Colts last offseason and going on to win a preseason position battle with Anthony Richardson Sr., Jones went on to lead an offense that was the league’s most explosive at the halfway point. The Colts also were off to an 8-2 start before Jones sustained a hairline fibula fracture and experienced struggles before ultimately tearing his Achilles in the other leg.
But his ability to rebound in 2025 came on the heels of an ugly ending with the New York Giants, who drafted him sixth overall in 2019. The Giants released Jones in November 2024, ending his tumultuous run with the franchise.
His rejuvenation in Indianapolis last season was remarkable. Jones last season established new career highs in passing yards per attempt (8.1), QBR (63.0) and completion rate (68%).
For his career, Jones has passed for 17,683 yards with 89 touchdowns and 55 interceptions.
