Report: Colts, Jones agree to 2-year, $88M contract

The Indianapolis Colts and quarterback Daniel Jones agreed to a two-year, $88-million contract, sources told ESPN's Adam Schefter.

Incentives could shoot the value of the deal up to $100 million, making it the largest two-year pact in NFL history.

The two sides had been working on a new contract since the Colts placed the transition tag on Jones earlier in March.

The transition tag guaranteed Jones would be in Indy on a one-year, $37.8-million contract unless another team signed him to an offer sheet. Jones inked a one-year, $14-million deal with the Colts last offseason as a free agent.

Jones led the Colts to an 8-2 record in the first 10 games of the 2025 season but suffered a season-ending torn Achilles in early December. The Colts lost their final seven games and missed the playoffs. Jones is expected to be ready for the start of the 2026 campaign and could even recover in time for training camp, a source told Schefter.

The 28-year-old was playing the best football of his career before the injury, posting 3,101 passing yards and 24 total touchdowns with nine interceptions in 13 games. When Jones was healthy from Weeks 1-14, the Colts' offense ranked ninth in EPA/dropback and 10th in passing success rate, according to Ben Baldwin's database.

Jones beat out 2023 fourth overall pick Anthony Richardson for the starting job in August. Richardson, 23, has reportedly received permission to seek a trade after posting an 8-7 record in three seasons. He spent the majority of the 2025 campaign on injured reserve after suffering a fractured orbital bone in October.

Wide receiver Alec Pierce signed a four-year, $114-million extension with the Colts on Monday before his contract expired. He returned to Indy in part because he wanted to continue playing with Jones, according to NFL Network's Ian Rapoport. The 25-year-old Pierce has emerged as one of the best deep threats in the league and set a career high in receiving yards with 1,003 last campaign.